001 2019-06-30 001 General Fund 2019-06-30 001 2018-07-01 2019-06-30 001 cafr:ProgramRevenuesFromCapitalGrantsAndContributionsMember 2018-07-01 2019-06-30 001 cafr:ProgramRevenuesFromChargesForServicesMember 2018-07-01 2019-06-30 001 cafr:ProgramRevenuesFromOperatingGrantsAndContributionsMember 2018-07-01 2019-06-30 001 General Fund 2018-07-01 2019-06-30 iso4217:USD
City of San Buenaventura
Comprehensive Annual Financial Report
For the year ended June 30, 2019

Table of Contents
Introductory Section Page
Letter of Transmittal iv
Certificate of Achievement x
List of Officers and Elected Officials xi
Organizational Chart xii
Financial Section 
Independent Auditors' Report 1
Management Discussion and Analysis 4
Basic Financial Statements: 
Government-Wide Financial Statements: 
Statement of Net Position 17
Statement of Activities 18
Fund Financial Statements: 
Government Fund Financial Statements: 
Balance Sheet 20
Reconciliation of the Governmental Funds Balance Sheet
 to the Government-Wide Statement of Net Position 21
Statement of Revenues, Expenditures and Changes in Fund Balances 22
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and
 Changes in Fund Balances to the Government-Wide Statement of Activities 23
Proprietary Fund Financial Statements: 
Statements of Net Position 24
Statement of Revenues, Expenses and Changes in Net Position 25
Statement of Cash Flows 26
Fiduciary Fund Financial Statements: 
Statement of Net Position 28
Statement of Changes in Net Position 29
Notes to the Financial Statements 30
Required Supplementary Information (unaudited): 
Schedule of Changes in the Net Pension Liability and Related Ratios - Miscellaneous Plan 83
Schedule of Contributions - Miscellaneous Plan 84
Schedule of Changes in the Net Pension Liability and Related Ratios- Safety Plan 85
Schedule of Contributions - Safety Plan 86
Budgetary Information 87
Schedule of General Fund Budget Comparison:
Supplementary Information (unaudited) 
Non-Major Governmental Funds: 
i

City of San Buenaventura
Comprehensive Annual Financial Report
For the year ended June 30, 2019

Table of Contents, Continued

Combining Balance Sheet 89
Combining Statement of Revenues, Expenditures and Changes in Fund Balances 92
Schedule of Revenue, Expenditures and Changes in Fund Balances - Budget and Actual: 
Measure O - Transaction & Use Tax Fund 95
Gas Tax Fund 96
Transportation Fund 97
Transportation Development Act Program Funds 98
Law Enforcement Funds 99
General and Categorical Grants Fund 100
Housing & Community Development Block Grants Fund 101
Public Art Fund 102
Downtown Parking District Fund 103
Maintenance Assessment District Fund 104
Street Lighting District Fund 105
Successor Housing Agency FundNote 4........................................ 106
Capital Program Funds 107
Debt Service Fund - Parking Structure 108
Debt Service Obligation Fund 109
Internal Service Funds: 
Combining Statement of Net Position 110
Combining Statement of Revenues, Expenses and Changes in Net Position 112
Combining Statement of Cash Flows 114
Fiduciary Funds: 
Combining Statement of Assets and Liabilities 116
Combining Statement of Changes in Assets and Liabilities 117
Statistical Section (unaudited) 
Index to the Statistical Section 118
Statistical Section: 
Financial Trends 
Net Position by Component - Last Ten Fiscal Years 120
Changes in Net Position - Last Ten Fiscal Years 121
Fund Balances of Governmental Funds - Last Ten Fiscal Years 123
Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 124
Revenue Capacity 
Assessed Value of Taxable Property 125
Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years 126
Principal Property Taxpayers - Current Year and Nine Years Ago 127
Property Taxes Levies and Collections - Last Ten Fiscal Years 128
ii

City of San Buenaventura
Comprehensive Annual Financial Report
For the year ended June 30, 2019

Table of Contents, Continued

Debt Capacity 
Ratios of Outstanding Debt by Type - Last Ten Fiscal Years 129
Direct and Overlapping Debt - June 30,2019 130
Legal Debt Margin Information - Last Ten Fiscal Years 131
Pledged Wastewater Coverage - Last Ten Fiscal Years 132
Pledged Water Revenue Coverage - Last Ten Fiscal Years 133
Demographic and Economic Information 
Demographic and Economic Statistics - Last Ten Calendar Years 134
Full-time City Employees by Function - Last Ten Fiscal Years 135
Principal Employers - Current Year and Nine Years Ago 136
Operating Information 
Operating Indicators - Last Ten Fiscal Years 137
Capital Assets Statistics by Function - Last Ten Fiscal Years 138
Wastewater Service Rates - Last Ten Fiscal Years 139
Wastewater Customers - Current Year and Nine Years Ago 140
Water Sold by Type of Customer - Last Ten Fiscal Years 141
Water Rates - Last Ten Fiscal Years 142
Water Customers - Current Year and Nine Years Ago 143
Annual Continuing Disclosure Requirements Section (unaudited): 
Annual Continuing Disclosure Requirements Public Facilities Financing Authority 144
Public Facilities Financing Authority - Summary of Certificates of Participation 145
2012 COP, Wastewater Revenues - Historic Operating Results 146
2012 COP, Wastewater Revenues - Historic Usage, Connections, and Flow Charges 148
2012 COP, Wastewater Revenues - Top Ten Customers 149
Annual Continuing Disclosure Requirements, Continued
 Historic Water System Deliveries in Acre Feet Per Year 150
2012 COP, Water Revenue - Historic Operating Results 151
2012 COP, Water Revenue - Historic and Projected Water Supply 153
2012 COP, Water Revenue - Historic Service Charges and Sales Revenues 154
2012 COP, Water Revenue - Top Ten Customers 155
2012 COP, Water and Wastewater - Utility Rates 156
Employee Relations and Collective Bargaining 157
iii

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2020/11/24 1:25 PM

City of San Buenaventura
Management's discussion and analysis
For the year ended June 30, 2019
This section of the City of San Buenaventura’s Comprehensive Annual Financial Report (CAFR) presents management’s discussion and analysis of the City’s financial performance during the fiscal year ended on June 30, 2019. In addition to this overview and analysis, the City would encourage readers to consider the information presented in the City’s letter of transmittal and the City’s financial statements.
FINANCIAL HIGHLIGHTS
Government-wide assets and deferred outflows of resources exceeded its liabilities and deferred inflows of resources at June 30, 2019 by $286.8 million (net position); an increase of $12.3 million (4.3%) from the previous year. The Citywide net position increase is derived from no change in governmental activities and an increase of $12.3 million from business-type activities.
At year end, Government-wide general revenues exceeded total expenses by $8.0 million. Revenues totaled $217.7 million, which is an increase of $2.1 million from the prior year. Of this increase, governmental general revenues decreased $6.7 million while business-type general revenues increased $8.8 million. Government-wide expenses totaled $209.5 million, which is an increase of $9.5 million from the prior year. Of this increase in expenses, governmental expenses decreased $2.2 million while business type activities expenses increased $11.7 million.
The general fund, the City’s primary operating fund, ended fiscal year 2019 with a fund balance totaling $41.7 million, an increase of $4.0 million from the prior year. The fund balance consists of $13.3 unassigned fund balance; $7.5 million assigned fund balance; $15.1 million in committed fund balance; $2.7 million restricted fund balance; and $3.1 million non-spendable fund balance.
All other governmental funds ended fiscal year 2019 with a combined fund balance of $74.6 million, an increase of $9.0 million from the previous year. Other governmental funds fund balances consist of $(0.3) unassigned fund balance; $8.7 million assigned fund balance; $3.3 million in committed fund balance; and, $63.0 million restricted fund balance.
The City’s enterprise funds, consisting of Ventura Water and Wastewater, had an overall year end net position of $246.3 million, which is an increase of $27.9 million from the previous year. The enterprise funds had combined revenues totaling $70.3 million and expenses totally $52.4 million. This is an increase of $3.7 million and an increase of  $7.7 million, respectively.
OVERVIEW OF THE FINANCIAL STATEMENTS
The City’s basic financial statements are comprised of three components: 1) Government-wide Financial Statements, 2) Fund Financial Statements, and 3) Notes to the Basic Financial Statements. Each of these sections is discussed below. This report also contains other required and supplementary information in addition to the basic financial statements themselves. This report also includes the annual continuing disclosure requirements.
Government-Wide Financial Statements 
The government-wide financial statements are designed to provide readers with a broad overview of the City’s financial condition and are prepared similarly to those in the private sector. The government-wide financial statements separate functions that are primarily supported by taxes and charges for services (governmental activities) from functions that are supported by user fees (business-type activities). Governmental activities include City Council, City Manager’s office, City Attorney’s office, City Clerk’s office, and the departments of Finance & Technology, Human Resources, Community Development, Police, Fire, Parks Recreation & Community Partnerships (includes the City’s two municipal golf courses), Public Works, and Non-Departmental (city-wide) activities. Business-type activities include Water and Wastewater.
4

Overview of the Financial Statements (continued) 
Government-wide Financial Statements (continued) 
The government-wide financial statements include not only the City of San Buenaventura (known as the primary government), but also includes the Public Facilities Financing Authority as a legally separate component unit. The governing board of this entity is comprised entirely of members of City Council, and its financial activity has been included as an integral part of the primary government.
The Statement of Net Position presents information on all City assets, liabilities and deferred inflows/outflows of resources with the difference reported as net position. Over time, continued increases or decreases in net position may serve as a useful indicator of whether the City’s financial condition is improving or deteriorating.
The Statement of Activities presents information on how the City’s net position changed during the most recent fiscal year. These changes are reported on the full accrual basis when the economic event occurs (not when the cash is received or paid). Government-wide Financial Statements can be found in the Government-Wide Section, pages 17-19. 
Fund Financial Statements 
The City separates financial activities into funds to maintain control over resources that have been legally separated by an external authority or by the City Council. All City funds can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds.
Governmental Funds - Governmental funds are used to report essentially the same functions as reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. 
Fund financial statements are prepared on the modified accrual basis of accounting. This basis of accounting means that revenues are recognized when they become measurable and available and expenditures are recognized when the related fund liability is incurred, except for long-term debt and similar long-term items which are recorded when due. Therefore, the focus of the governmental fund financial statements is on near-term inflows and outflows of spendable resources as well as on the balance of spendable resources available at the end of the fiscal year.
It is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. To facilitate this comparison, reconciliation's are provided for both the governmental fund balance sheet and the governmental statement of revenues, expenditures, and changes in fund balances. Governmental Funds Financial Statements can be found in the Fund Financial Statement Section, pages 20-23.   
Proprietary Funds - Proprietary funds are used to account for services provided to external customers or other City departments and funds that are primarily funded from user fees and charges. Proprietary funds use the accrual basis of accounting and measure the balance and change in total economic resources. Accordingly, balance sheets of proprietary funds include all assets and liabilities, including long-term receivables, capital assets, and long-term liabilities. The basis of accounting and measurement focus used to prepare proprietary fund statements is the same that is used to prepare the government-wide statements. Thus, proprietary fund statements provide the same, but more detailed, information about these funds, which are included in the “Business-Type Activity” column of the government-wide statements. Proprietary Fund Financial Statements can be found in the Fund Financial Statements, pages 24-27. 
The City maintains two different types of proprietary funds: 
Enterprise Funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The City uses enterprise funds to account for its Water and Wastewater Funds. Water and Wastewater Funds are classified as major funds. 
Internal Service Funds are used by the City to account for its intracity services: information technology services, fleet services, building maintenance services, digital publishing services, workers’ compensation, employee fringe benefits, and risk management. Because internal service funds predominantly benefit governmental rather than business-type functions, they have been included within governmental activities in the government-wide financial statements. Internal service funds are combined into a single, aggregated
5

presentation in the proprietary funds financial statements. Individual fund data for the internal service funds is provided in the form of combining statements in the supplementary information section.
Overview of the Financial Statements (continued) 
Fiduciary Funds - Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statement because the resources of those funds are not available to support City programs. The accounting used for fiduciary funds is much like that used for proprietary funds. The City maintains two different types of fiduciary funds, the Redevelopment Successor Agency Private Purpose Trust Fund and the Property Based Improvement District Agency Fund. The private purpose trust fund is used to account for the winding down of the former Redevelopment Agency. The agency fund is used to account for the funds held in trust by the City as collected from property assessments to be used specifically for improvements and maintenance of the downtown improvement district. Fiduciary Fund Financial States can be found int he Fund Financial Statements, pages 28-29. 
Notes to the Basic Financial Statements 
The notes to the basic financial statements provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. Notes to the Basic Financial Statements can be found in the Notes Section, pages 32-83. 
Other Information 
In addition to the basic financial statements and accompanying notes, this report also presents certain Required Supplementary Information concerning the City’s progress in funding the obligation to provide pension benefits to City employees and General Fund budgetary comparison schedules which can both be found on pages 82-87. The combining statements, referred to earlier in connection with non-major governmental funds are located on pages 88-108, and Internal Service Funds  are located on pages 109-114. Combining Statements of Agency Funds can be found on pages 115-116.  
GOVERNMENT-WIDE FINANCIAL ANALYSIS
Net position represents the difference between the City's resources and its obligations. As noted earlier, net position may serve as a useful indicator of a government's financial condition. The City’s assets and deferred outflows exceeded its liabilities and deferred inflows by $286.8 million at the close of fiscal year 2019an increase of $12.3 million from the prior year. The Government-wide financial statements present both the short term (current) and the long term financial activities of the City. The following graphs and tables address the financial results of the City as a whole.
The City has positive balances in two of the three categories of net position – net investment in capital assets and restricted. The negative balance of unrestricted net position reflects pension obligations, net investment in capital assets, restricted  and unrestricted, which are reported in accordance with GASB 68.
The largest portion of the City’s net position, $231.3 million, reflects its investment in capital assets less any related debt used to acquire those assets that is still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City’s net investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. Restricted net position at year end equaled $195.8 million and is subject to restrictions imposed by external parties; therefore, their use is determined by those restrictions and contractual agreements. As noted earlier, the deficit unrestricted net position of $140.2 million is largely due to the implementation of Governmental Accounting Standards Board (GASB) Statement Number 68. Additional information on GASB 68 can be found in the Notes to the Financial Statements, Note 13 as well as in the Required Supplementary Information section of this document.
Government-wide governmental operations program revenues decreased by $5.2 million from the previous year, largely due to the decrease in Thomas Fire disaster related grant reimbursements from Federal Emergency Management Agency (FEMA) and the California Office of Emergency Services (CalOES). In addition, there was a decrease in operational expenses totaling $2.2 million, also largely due to the Thomas Fire disaster related damage repair expenses decreasing from the previous year. 
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Government-wide general revenues increased by $6.9 million, largely due to $1.9 million increase in property taxes, a $2.4 increase  in sales taxes, and a $3.2 million increase in investment and interest earnings.
Business-type operating revenues (water and wastewater combined) increased slightly by $0.5 million while Business Type expenses increased by 12.2 million . The increase in expense is largely due to $4.9 million increase in salaries and benefits and an increase of $8.1 million in contractual services. Both types of expenses were due to increased staffing and increased spending on capital improvement projects.  
See Table below for governmental and business-type activities summary of assets and liabilities and the following table for a summary of revenues and expenses.


Government-wide Statement of Net Position
As of June 30, 2019 
(in millions)

Table 1
Governmental Activities
Business-Type
Activities
Combined Activities

2019
2018
2019
2018
2019
2018
Assets:
Current Assets
$104.0
$147.9
$110.1
$154.2
$214.1
$302.1
Non-current Assets
74.1
18.7
52.6
0.1
126.7
18.8
Capital Assets (net of depreciation)
151.9
151.8
195.7
192.4
347.6
344.2
Total assets
330.0
318.4
358.4
346.7
688.4
665.1
Total Deferred Outflows of Resources
35.5
44.2
4.7
5.9
40.2
50.1
Liabilities:
Current Liabilities
50.9
53.0
10.7
9.8
61.6
62.8
Long-term Liabilities
256.2
249.6
121.3
124.1
377.5
373.7
Total liabilities
307.1
302.6
132.0
133.9
439.1
436.5
Deferred inflows of resources pension
2.3
3.9
0.3
0.4
2.6
4.3
Net position:
Net Investment in Capital Assets
123.7
124.0
107.6
115.4
231.3
239.4
Restricted
69.2
67.5
126.6
110.3
195.8
177.8
Unrestricted
(136.8)
(135.4)
(3.4)
(7.2)
(140.2)
(142.6)
Total net position
$56.1
$56.1
$230.8
$218.5
$286.9
$274.6



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7

Government-wide Financial Analysis (continued) 


Government-wide Statement of Activities
As of June 30, 2019
(in millions)


Table 2
Governmental Activities
Business-type Activities
Total Activities

2019
2018
2019
2018
2019
2018
Program revenues:
Charges for service
$31.6
$30.8
$66.1
$65.7
$97.7
$96.5
Operating grants and contributions
6.2
12.4
-
-
6.2
12.4
Capital grants and contributions
3.5
4.2
-
-
3.5
4.2
Taxes
Property taxes
38.1
36.1
-
-
38.1
36.1
Sales taxes
39.9
26.0
-
-
39.9
26.0
Other taxes
19.0
31.6
-
-
19.0
31.6
Franchise and PEG fees
4.9
4.8
-
-
4.9
4.8
Investment/interest earnings
3.0
2.9
4.3
1.1
7.3
4.0
Gain on disposal of assets
0.4
-
-
-
0.4
-
Total revenues
146.6
148.8
70.4
66.8
217.0
215.6
Expenses
General government
6.6
14.0
-
-
6.6
14.0
Human resources
7.7
10.3
-
-
7.7
10.3
Finance and technology
4.0
5.5
-
-
4.0
5.5
Community development
10.2
11.0
-
-
10.2
11.0
Parks, Rec & Com Partnerships
24.9
22.4
-
-
24.9
22.4
Public safety- police
48.6
47.3
-
-
48.6
47.3
Public safety- fire
26.1
25.0
-
-
26.1
25.0
Public works
23.6
18.4
-
-
23.6
18.4
Interest on long-term debt
1.2
1.2
-
-
1.2
1.2
Wastewater
-
-
23.6
18.2
23.6
18.2
Water
-
-
33.0
26.7
33.0
26.7
Total expenses
152.9
155.1
56.6
44.9
209.5
200.0
Increase (decrease) in net position
(6.3)
(6.3)
13.8
21.9
7.5
15.6
Gain on disposal of assets
0.4
-
-
-
0.4
-
Transfers
1.4
6.7
(1.4)
(6.7)
-
-
Change in net position
(4.5)
0.4
12.4
15.2
7.9
15.6
Net position-beginning
56.1
55.7
218.4
203.2
274.5
258.9
Prior period adjustments
4.5
-
-
-
4.5
-
Net position-beginning of year
60.6
55.7
218.4
203.2
279.0
258.9
Net position-ending
$56.1
$56.1
$230.8
$218.4
$286.9
$274.5

FUND FINANCIAL ANALYSIS 
Governmental Fund Revenue Highlights 
Total revenues of governmental activities were $150.3 million, a decrease of $(7.4) million from the previous year. The largest component of total revenue is taxes totaling $90.4 million, making up 60.2% of total revenues. This is consistent with the nature and purpose of governmental funds, particularly in the General Fund, where programs are largely supported by general taxes. The highest tax revenues received by the General Fund include property tax ($27.7 million), sales tax ($26.8 million), and utility users tax ($7.6 million). Some of the key changes in governmental revenues are:
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Fund Financial Analysis (continued) 
Governmental Funds Revenue Highlights (continued) 
Property tax revenues increased by $2.0 million or 5.5%, compared to the prior year, primarily due to increasing property values and new developments.
Sales tax revenues increased by $13.9 million or 53.5% compared to the prior year. In prior years, the City's Measure O Sales and Use Tax had been presented in the Other Taxes category. For fiscal year 2018-19 and thereafter, those revenues will be reported in the category for general sales tax.
Charges for services increased by $0.8 million or 2.5% with the largest increases coming form charges for services related to General Government, Community Development, and Parks, Recreation & Community Partnerships. It is also noteworthy that the increases in these areas were partially offset by decreases  related to Police and Fire.
The governmental activities’ charts below illustrate revenues by category and percentage of total revenues by category.
Governmental Funds - Revenues
Value by Function $145 Million

graph7bfe.png


Governmental Funds - Revenues
Percentage by Functiongraph6ad2.png
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Fund Financial Analysis (continued) 
Governmental Funds Expenditure Highlights
Functional expenditures for the year totaled approximately $133.0 million in the governmental funds, a decrease of $1 million from the prior year. Most departments increased their functional expenditures; however, debt service and public works had a slight decrease. As with previous years Public Safety (Police and Fire) activities consumed the largest portion of appropriations in the combined amount of $60.6 million, 47% of the total expenditures in the governmental activities, a slight increase from the previous year of $56.6 million.
Governmental Funds - Expenditures
Value by Function $139 Million

graph0e8d.png

Governmental Funds - Expenditures
Percentage by Function
graph0b69.png
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PROPRIETARY FUND FINANCIAL ANALYSIS

The City's Proprietary Funds include the City's Enterprise Funds and the Internal Service Funds. The City uses enterprise funds to account for its water and wastewater activities.
Enterprise Funds Highlights 
Enterprise Funds combined Net Position was $246.3 million at year end compared to the Net Position of $218.4 million the previous year; this is an overall increase in net position of $27.9 million. The City’s wastewater fund net position increased by $7.8 million and its water fund had a net position increase of $20.0 million as compared to the prior year of $3.2 million and $4.2 million respectively.
Combined revenues totaled $70.3 million, as compared to the previous year which totaled $66.6 million an increase of $3.7 million or 5.3%. Wastewater revenues increased by $3.0 million and Water revenues increased by $0.7 million.
Combined expenses for the enterprise funds increased by $7.7 million as compared to the previous year. Of this increase Wastewater expenses increased by $4 million and Water expenses decreased by $2.1 million. 



2019
Wastewater
Water
Combined Total

Operating Revenues
$28,039,107
$38,108,293
$66,147,400

Investment Income
1,712,914
2,454,747
4,167,661

Transfers In
-
4,994,620
4,994,620

Revenues
29,752,021
45,557,660
75,309,681

Operating Exp
22,069,490
30,311,544
52,381,034

Amortized premium/(discount) on Investments
(1,712,914)
(2,454,747)
(4,167,661)

Unrealized loss on investments
1,554,807
2,672,909
4,227,716

Transfers Out
-
(4,994,620)
(4,994,620)

Expenses
21,911,383
25,535,086
47,446,469

2019 Beginning Net Position
102,482,809
115,918,768
218,401,577

Change in Net Position
7,840,638
20,022,574
27,863,212

2019 Ending Net Position
$110,323,447
$135,941,342
$246,264,789

graph729e.png
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GENERAL FUND BUDGETARY HIGHLIGHTS
General Fund Revenues
The General Fund is the main operating fund of the City. Its revenues are primarily derived from taxes and intergovernmental sources, which are used to pay for the traditional services provided by local government  public safety (police & fire), parks and recreation, community development (building and planning), and public works.
General Fund revenues were $2.7 million less than the annual budget; largely contributable to lower collections in other revenues. The General Fund revenues and other financing sources totaled $119.0 million in fiscal year 2019 as compared to $116.1 in the previous year; an increase of $2.9 million.


General Fund

Actual
Final Budget to

Revenues by Type
Final Budget
Amounts
Actual Variance

Business Taxes
$4,266,311
$3,889,470
$(376,841)

Property Taxes
26,230,960
27,695,420
1,464,460

Sales taxes
26,125,758
26,772,513
646,755

Utility Users Taxes
7,354,261
7,618,648
264,387

Transient Occupancy Taxes
6,654,334
6,201,655
(452,679)

Other Taxes
589,035
602,601
13,566

Licenses and permits
5,182,754
6,037,607
854,853

Intergovernmental
9,777,472
10,683,093
905,621

Charges for services
15,034,481
15,270,647
236,166

Fines and forfeitures
1,871,355
2,926,552
1,055,197

Use of money and property
1,906,723
2,461,660
554,937

Franchise and PEG fees
3,740,880
4,855,152
1,114,272

Other revenues
11,390,491
2,415,736
(8,974,755)

Transfers in
1,489,159
1,532,566
43,407

Total revenues and other financing sources
$121,613,974
$118,963,320
$(2,650,654)


graph21d3.png
12

General Fund Budgetary Highlights, (continued) 
General Fund Charges to Appropriations
Overall the General Fund ended the year within its spending authority with unspent appropriations equaling $6.6 million. Total expenditures for the General Fund totaled $115.4 million dollars, a decrease of $(1.3) million from the previous year which totaled $116.7 million. The chart below shows each general fund function and its charge to appropriations for the fiscal year ended June 30, 2019.






General Fund Charges to Appropriations
Final Budget
Actual Spending
Final Budget to Actual Variance


General Government
$14,078,337
$8,175,873
$5,902,464
$8,903,009

Human Resources
1,103,717
1,104,504
(787)
1,104,504

Finance and Technology
4,442,568
4,035,809
406,759
12,632,564

Community Development
9,062,838
9,170,130
(107,292)
9,750,394

Parks, Rec & Com Partnerships
18,342,588
18,508,207
(165,619)
21,129,493

Public Safety - Police
38,895,877
38,947,867
(51,990)
42,219,721

Public Safety - Fire
20,551,955
20,479,100
72,855
23,057,727

Public Works
11,904,371
11,437,361
467,010
21,209,759

Capital outlay
312,517
262,197
50,320
4,713,950

Transfers out
3,269,206
3,262,388
(6,818)
(9,956,772)

Total charges to appropriations
$121,963,974
$115,383,436
$6,580,538
$154,677,893

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The General Fund’s fund balance increased by $4.0 million at year end with a total fund balance of $41.7 million as compared to the prior year fund balance of $37.7 million. The largest fund balance increase occurred in unassigned fund balance, $2.2 million. Committed fund balance increased $1.0 million.


GENERAL FUND - FUND BALANCE
2019
2018
Change in Fund Balance

Nonspendable
$3,141,607
$3,945,295
$(803,688)

Restricted
2,698,836
2,837,584
(138,748)

Committed
15,075,620
14,083,309
992,311

Assigned
7,467,625
5,754,838
1,712,787

Unassigned
13,297,806
11,081,360
2,216,446

TOTAL FUND BALANCE
$41,681,494
$37,702,386
$3,979,108
13

CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets 
The City owns capital assets that require ongoing maintenance, improvement, major renovation and replacement. As a result, the City undertakes millions of dollars in capital improvement and construction projects each year.
The capital improvement projects undertaken in those operations in the Governmental Activities category typically include improvements to the City’s infrastructure (roads, curbs, storm drains, bridges, sidewalks, gutters, etc.) and improvements to City public facilities, such as parks, restrooms, community facilities, and playgrounds. As of June 30, 2019, the City’s total infrastructure and public facilities assets, net of accumulated depreciation, totaled $347.5 million. An increase of assets from business-type activities in the amount of $167.6 million is seen below and is the primarily the result of an increase in spending for ongoing construction projects.The net of non-current assets, liabilities and related deferred inflows/outflows of resources is not reportable in the governmental activities; however, it will be shown in the government-wide financial statements. Detailed information can be found in the Notes to Basic Financial Statements, Section, Note 5, located on pages 56-57.



Asset Type
Governmental Activities
Business-Type Activities
Total


2019
2018
2019
2018
2019
2018

Land
$22,759,511
$22,117,066
$497,497
$497,497
$23,257,008
$22,614,563

Water rights
-
-
1,221,838
1,221,838
1,221,838
1,221,838

Buildings and improvements
83,753,543
43,076,593
133,008,196
88,908,807
216,761,739
131,985,400

Improvements other than buildings
36,684,678
16,559,683
52,772,740
18,735,690
89,457,418
35,295,373

Machinery and equipment
73,098,890
24,333,296
145,855,936
69,971,109
218,954,826
94,304,405

Infrastructure
126,945,355
38,265,262
7,767,083
5,729,747
134,712,438
43,995,009

Construction in progress
8,287,430
7,449,513
18,880,971
7,330,229
27,168,401
14,779,742

Total
$351,529,407
$151,801,413
$360,004,261
$192,394,917
$711,533,668
$344,196,330


Long-Term Obligations
At June 30, 2019, the City has several debt issues outstanding and reported total long-term debt of $164.5 million. Of this amount, $128.6 million relates to revenue bonds and other long-term obligations of the City's business activities and $36 million is attributable to governmental debt issued. 
The City’s debt increased by $20.5 million during the current fiscal year and the City did not issue new debt during the fiscal year. The City Charter states that the City shall not incur an indebtedness evidenced by general obligation bonds greater than 15% of the total assessed valuation of all real and personal property within the City. The level of debt is significantly below Charter requirements. Detailed information can be found in the Notes to Basic Financial Statements Section, Note 7, pages 58-66.


Type of Debt

Governmental Activities
Business-Type Activities
Total


2019
2018
2019
2018
2019
2018

Certificates of participation
$34,720,000
$29,135,000
$-
$-
$34,720,000
$29,135,000

Revenue bonds
-
-
110,175,000
94,845,000
110,175,000
94,845,000

Loans
17,894
35,103
10,684,080
10,684,080
10,701,974
10,719,183

Unamortized bond premium
1,226,976
1,226,976
7,761,201
8,116,006
8,988,177
9,342,982

Unamortized bond discount
(37,449)
(37,449)
-
-
(37,449)
(37,449)

Total
$35,927,421
$30,359,630
$128,620,281
$113,645,086
$164,547,702
$144,004,716
14

THE YEAR AHEAD - BUDGET AND ECONOMIC FACTORS
The City develops a two-year budget; however, the Council adopts the City’s operating and capital improvement budgets annually.  On June 24, 2019, the City Council adopted a balanced budget for the fiscal year 201920. The City’s fiscal year runs from July 1st through June 30th each year. The 2019/20 Adopted Operating Budget is $240.9 million and the Capital Improvement Budget of $60.6 million, for a total combined budget of $301.5 million.
Designed with the best interest of the City’s citizens in mind, the adopted budget for fiscal year 201920 Operating and Capital Improvement Budget is balanced and focuses on funding the City Council’s priorities:

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Stabilize and strengthen the organization with a focus on core services
Reinitiate the General Plan Update
Create an economic development strategy
Open a permanent homeless shelter
Beautify the City
Develop a coastal strategic plan
The City’s Strategic or Long-range Plan is created under the guidance of the City Council, City Manager, and services as the foundation for the budgeting process. Identified operational and capital improvements are then prioritized and performance measures are developed to track progress of each strategic goal. Resources are then allocated to each project and the proposed budget is developed. The Budget encompasses 35 different funds, including the General Fund, as well as Enterprise funds: Water and Wastewater. The citywide budget must be balanced and each individual fund must also be balanced.
Budget preparation begins with revenue projections. To make those projections as accurate as possible, six techniques are used, depending upon the unique characteristics of each revenue source:

Deterministic Techniques (i.e. month-to-month trend analysis)
Time Series Techniques (i.e. moving averages)
Econometric Models (i.e. predictive statistics)
Informed/Expert Judgment (i.e. advice of expert staff)
Estimates from other governmental agencies (i.e. property valuation estimates)
Estimates from staff, subject matter experts, consulting firms (i.e. sales tax projections)
Additional resources that the City uses include information from the League of California Cities, MuniServices Economic Overview, and other data available from the State of California, County of Ventura, sales tax local regional trends, U.S. Department of Labor and other Federal agencies.
During the development of the fiscal year 2019/2020 budget, City staff completed a comprehensive analysis of City operations and capital improvement needs and identified the areas where gaps in capital investment and city services exist. City Council goals factored heavily in the development of the budget. The budget document describes what the City plans to accomplish in the upcoming year, while the analysis identified additional areas the City will not be able to complete.
15

The Year Ahead - Budget and Economic Factors, (continued) 
City of Ventura Fiscal Year 2018-2019 Budget Summaries (adopted):
Citywide  The citywide budget encompasses 37 different funds, including the General Fund, as well as the Water and Wastewater Enterprise funds. The citywide budget must be balanced, and each individual fund must also be balanced.

For Fiscal Year 2019-2020, the City has budgeted to receive $301.5 million in total revenue. The top three revenue sources for the City make up $207.5 million, or approximately 69% of the City’s budgeted revenues:

Charges for Services – 32% of the City’s total revenue and are budgeted at $96.7 million. 
°Water Fund  $33.7 million
°Wastewater Fund – $22.1 million
°Internal Service Funds  $21.4 million
°General Fund  $14.5 million
°Other Funds  $4.8 million
Taxes – 30.8% of the City’s total revenue and are budgeted at $92.9million.
°Property Tax  $27.3 million
°Sales Tax  $27.0 million
°Measure O Transaction and Use Tax – $13.5 million
°Utility Tax - $7.9 million
°Transient Occupancy Tax - $6.2 million
°Franchise Fees - $4.3 million
°Cardroom Tax - $2.0 million
°Business Licensing Tax - $1.9 million
°Other Taxes - $2.8 million
Other Agencies – 5.8% of the City’s total revenues and are budgeted at $17.6 million.
°Motor Vehicle in-Lieu Fees  $10.4 million
°Gas Tax  $4.7 million
°Other Sources - $2.5 million

For Fiscal Year 2019-2020, the budgeted expenditures are $301.5 million citywide, creating a balanced budget. Listed below are the appropriations for each department. 
°Ventura Water - $104.1 million
°Public Works - $49.2 million
°Police - $45.9 million
°Parks, Rec & Community Partnerships - $23.9 million
°Fire - $23.3 million
°Non-Departmental - $13.0 million
°Finance & Technology - $12.9 million
°Community Development - $11.4 million
°Human Resources - $9.2 million
°City Manager - $5.2 million
°City Attorney - $3.0 million
°City Council - $0.3 million


REQUESTS FOR INFORMATION
This financial report is designed to provide a general overview of the City of Ventura’s finances for all those with an interest in the government’s finances. Questions concerning any of the information contained herein should be addressed to Bridgette McInally, Accounting Manager, 501 Poli Street, Ventura, CA 93001 or at bmcinally@cityofventura.ca.gov. The City’s Comprehensive Annual Financial Report and Annual Budgets can be found on the City’s website at Transparency.
16

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City of San Buenaventura
Statement of Net Position
June 30, 2019



Governmental Activities
Business-Type Activities
Total
Assets:
Current assets:
Cash and investments
$78,025,565
$72,641,558
$150,667,123
Restricted cash and investments
6,680,615
27,520,687
34,201,302
Accounts receivable, net
1,999,204
9,183,084
11,182,288
Interest receivable
820,366
284,817
1,105,183
Due from others
3,968,353
128,443
4,096,796
Due from other governments
12,380,842
363,504
12,744,346
Inventory, prepaid and other items
124,078
-
124,078
Prepaid items
18,970
-
18,970
Total current assets:
104,017,993
110,122,093
214,140,086
Noncurrent assets:
Cash and Investments
56,300,116
52,415,232
108,715,348
Loans and notes receivable, net
13,031,862
-
13,031,862
Due from Successor Agency
4,778,104
-
4,778,104
Accounts receivable, net
-
141,628
141,628
Capital assets:
Non-depreciable
31,046,940
20,600,305
51,647,245
Depreciable, net
120,815,762
175,034,333
295,850,095
Total capital assets:
151,862,702
195,634,638
347,497,340
Total noncurrent assets:
225,972,784
248,191,498
474,164,282
Total assets:
329,990,777
358,313,591
688,304,368
Deferred outflows of resources
Deferred amounts on refunding
611,813
2,394,549
3,006,362
Deferred outflows - pension
34,849,614
2,265,100
37,114,714
 Total deferred outflows of resources
35,461,427
4,659,649
40,121,076
Liabilities:
Current liabilities:
Accounts payable
5,899,704
5,223,716
11,123,420
Accrued payroll liabilities
5,999,832
-
5,999,832
Interest payable
413,370
2,217,624
2,630,994
Due to others
9,962,531
1,286
9,963,817
Deposits held for others
20,590,894
12,300
20,603,194
Unearned revenue
3,050,456
412,884
3,463,340
Long-term liabilities - due within one year
5,049,552
2,828,887
7,878,439
Total current liabilities:
50,966,339
10,696,697
61,663,036
Noncurrent liabilities:
Net pension liability
205,037,904
13,588,264
218,626,168
Long-term liabilities-due in more than one year
51,135,257
107,706,897
158,842,154
Total noncurrent liabilities:
256,173,161
121,295,161
377,468,322
Total liabilities:
307,139,500
131,991,858
439,131,358
Deferred Inflows of Resources
     Deferred inflows of resources pension
2,256,615
281,693
2,538,308
Net Position
Net investment in capital assets
123,685,003
107,585,988
231,270,991
Restricted for:
Capital projects
38,344,926
121,503,661
159,848,587
Debt service
9,578,343
5,050,111
14,628,454
Community development
6,018,751
-
6,018,751
Special projects
15,224,903
-
15,224,903
Total restricted
69,166,923
126,553,772
195,720,695
Unrestricted
(136,795,837)
(3,440,071)
(140,235,908)
Total net position
$56,056,089
$230,699,689
$286,755,778
See accompanying Notes to the Basic Financial Statements.

17

City of San Buenaventura
Statement of Activities
For the year ended June 30, 2019


Program Revenues
Functions/ Programs
Expenses
Charges for Services
Operating Grants and Contributions
Capital Grants and Contributions
Total
Primary government:
Governmental activities:
General government
$6,575,185
$5,021,376
$-
$-
$5,021,376
Human resources
7,695,226
19,352
184,599
-
203,951
Finance and technology
4,014,268
107,574
-
-
107,574
Community development
10,187,823
7,542,006
626,310
-
8,168,316
Parks, Rec & Com Partnerships
24,940,850
9,948,290
440,195
809,023
11,197,508
Public safety- police
48,610,770
4,626,276
444,472
-
5,070,748
Public safety- fire
26,148,816
1,319,088
631,423
-
1,950,511
Public works
23,566,737
3,033,794
4,780,439
2,656,556
10,470,789
Interest on long-term debt
1,215,162
-
-
-
-
Total governmental activities
152,954,837
31,617,756
7,107,438
3,465,579
42,190,773
Business-type activities:
Wastewater
23,622,889
28,039,107
-
-
28,039,107
Water
32,987,747
38,108,294
-
-
38,108,294
Total business-type activities:
56,610,636
66,147,401
-
-
66,147,401
Total primary government
$209,565,473
$97,765,157
$7,107,438
$3,465,579
$108,338,174




General Revenues:

Taxes:

Property taxes

Sales taxes

Utility users taxes

Transient occupancy taxes

Other taxes

Total taxes

   Investment/interest earnings

   Franchise and PEG fees

Gain on disposal of assets

Transfers

Total general revenues and transfers

Change in net position 

Net position - beginning of year

Prior period adjustments

Net position - beginning of year, as restated

Net position - end of year

See accompanying Notes to the Basic Financial Statements.

18

Net (Expense) Revenue and Changes in Net Position
Governmental Activities
Business-Type Activities
Total
$(1,553,809)
$-
$(1,553,809)
(7,491,275)
-
(7,491,275)
(3,906,694)
-
(3,906,694)
(2,019,507)
-
(2,019,507)
(13,743,342)
-
(13,743,342)
(43,540,022)
-
(43,540,022)
(24,198,305)
-
(24,198,305)
(13,095,948)
-
(13,095,948)
(1,215,162)
-
(1,215,162)
(110,764,064)
-
(110,764,064)
-
4,416,218
4,416,218
-
5,120,547
5,120,547
-
9,536,765
9,536,765
(110,764,064)
9,536,765
(101,227,299)



38,055,342
-
38,055,342
39,856,442
-
39,856,442
7,618,648
-
7,618,648
6,201,655
-
6,201,655
5,199,101
-
5,199,101
96,931,188
-
96,931,188
2,922,581
4,167,665
7,090,246
4,855,152
-
4,855,152
443,121
-
443,121
1,406,318
(1,406,318)
-
106,558,360
2,761,347
109,319,707
(4,205,704)
12,298,112
8,092,408
56,078,788
218,401,577
274,480,365
4,183,005
-
4,183,005
60,261,793
218,401,577
278,663,370
$56,056,089
$230,699,689
$286,755,778
See accompanying Notes to the Basic Financial Statements.

19

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City of San Buenaventura
Balance Sheet
Governmental Funds
June 30, 2019



Major Fund



General Fund
Other Governmental Funds
Total Governmental Funds
Assets:
Cash and investments
$47,812,852
$60,048,569
$107,861,421
Restricted cash and investments
-
6,680,615
6,680,615
Accounts receivable, net
1,305,167
686,752
1,991,919
Interest receivable
650,948
121,254
772,202
Due from other funds
511,203
235,667
746,870
Due from others
3,631,491
301,916
3,933,407
Due from other governments
5,958,552
5,729,146
11,687,698
Inventory, prepaid and other items
54,552
5,610
60,162
Loans and notes receivable
2,562,988
10,468,874
13,031,862
Advances to other funds
1,020,409
-
1,020,409
Due from Successor Agency
2,547,761
2,230,343
4,778,104
Total assets:
$66,055,923
$86,508,746
$152,564,669
Liabilities and fund balances:
Liabilities:
Accounts payable
$1,617,371
$2,629,450
$4,246,821
Due to other funds
-
746,870
746,870
Due to others
24,583
5,187,119
5,211,702
Advances from other funds
-
1,020,409
1,020,409
Deposits held for others
20,393,291
197,603
20,590,894
Unearned revenue
1,858,069
1,192,387
3,050,456
Total liabilities:
23,893,314
10,973,838
34,867,153
Deferred inflows of resources:
Unavailable revenues
481,115
954,463
1,435,578
Total deferred inflows of resources:
481,115
954,463
1,435,578
Fund balances (deficit):
Nonspendable
3,141,607
-
3,141,607
Restricted
2,698,836
62,885,624
65,584,460
Committed
15,075,620
3,285,387
18,361,007
Assigned
7,467,625
8,736,066
16,203,691
Unassigned
13,297,806
(326,632)
12,971,174
Total fund balances (deficit):
41,681,494
74,580,445
116,261,939
Total liabilities, deferred inflows of resources, and fund balances
$66,055,923
$86,508,746
$152,564,669
See accompanying Notes to the Basic Financial Statements.

20

City of San Buenaventura
Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position
June 30, 2019



Total Fund Balances - Total Governmental Funds
$116,261,939
 Amounts reported for governmental activities in the Statement of Net Position are different because:
 Amounts reported for governmental activities in the Statement of Net Position are different because:
 
 
 Capital asset used in governmental activities are not current financial resources.  Therefore, they are not reported in the Governmental Funds Balance Sheet.  Except for the Internal Service Funds reported below, the capital assets are adjusted as follows:
 
Non-depreciable assets
$30,455,059
Depreciable assets, net
107,332,360
137,787,419
   Interest payable on long-term debt does not require current financial resources.  Therefore, interest payable is not reported as a liability in the Government Funds Balance Sheet. 
(413,370)
   Unavailable revenue is reported as revenue on the accrual basis in the Government-Wide Statement of Net Position.
1,435,581
   Internal service funds are used by management to charge the costs of certain activities, such as insurance and fleet management, to individual funds. The assets and liabilities of the internal service funds are included in governmental activities in the:
Information Technology Fund
$6,834,947
Fleet Maintenance Fund
15,692,286
Facilities Maintenance Fund
896,231
Digital Publishing Fund
402,501
Workers' Compensation Fund
(10,923,293)
Employee Fringe Benefits Fund
(8,874,272)
Risk Management Fund
(8,101,534)
(4,073,134)
Pension:
The deferred outflows - pension is not an available resource
33,744,403
therefore, is not reported in the Governmental funds balance sheet. 
   
-
 Net pension liability
(198,407,776)
 
The deferred inflows - pension are not due and payable in the 
(2,119,168)
current period and therefore are not reported in the Governmental funds balance sheet. 
-
Unamortized loss on defeasance is not recorded in governmental funds, but is recorded as deferred amounts on refunding in the Government- wide Statement of Net Position. 
611,813
 
 Long-term liabilities - due within one year
(1,520,000)
 
 Long-term liabilities - due more than one year
(26,145,000)
 Premium/discount on issuance of long-term debt recorded as revenue in governmental funds, but is a liability on the Government-wide Statement of Net Position. 
(1,106,618)
 
 Net Position of Governmental Activities
$56,056,089
See accompanying Notes to the Basic Financial Statements.

21

City of San Buenaventura
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the Year Ended June 30, 2019


Major Funds



General Fund
Other Governmental Funds
Total Governmental Funds
Revenues:
Taxes
$72,780,307
$17,657,423
$90,437,730
Licenses and permits
6,037,608
-
6,037,608
Intergovernmental
10,683,093
10,236,305
20,919,398
Charges for services
15,270,654
1,337,569
16,608,223
Fines and forfeitures
2,926,552
-
2,926,552
Franchise and PEG fees
4,855,152
-
4,855,152
Use of money and property
2,461,658
2,241,151
4,702,809
Other revenue
2,415,739
1,396,822
3,812,561
Total revenues:
117,430,763
32,869,270
150,300,033
Expenditures:
Current:
General Government
8,175,873
727,145
8,903,018
Human Resources
1,104,503
-
1,104,503
Finance and Technology
4,035,810
408
4,036,218
Community Development
9,170,130
580,265
9,750,395
Parks, Rec & Com Partnerships
18,508,212
2,621,288
21,129,500
Public Safety - Police
38,947,863
3,271,851
42,219,714
Public Safety - Fire
20,479,101
2,578,627
23,057,728
Public Works
11,437,357
9,772,400
21,209,757
Capital outlay
262,197
4,451,754
4,713,951
Debt service:
Principal retirement
-
1,470,000
1,470,000
Interest and other charges
-
1,215,163
1,215,163
Total expenditures:
112,121,046
26,688,901
138,809,947
Revenues over (under) expenditures
5,309,717
6,180,369
11,490,086
Other financing sources (uses):
Transfers in
1,532,566
3,352,961
4,885,527
Transfers out
(3,262,389)
(238,296)
(3,500,685)
Proceeds from sales of assets
399,214
-
399,214
Total other financing sources (uses)
(1,330,609)
3,114,665
1,784,056
Non-operating revenues (expenses):
Net change in fund balances
3,979,108
9,295,034
13,274,142
Fund balances (deficit):
Beginning of year
37,702,386
65,583,115
103,285,501
Prior period adjustments
-
(297,704)
(297,704)
Beginning of year, as restated
37,702,386
65,285,411
102,987,797
End of year
$41,681,494
$74,580,445
$116,261,939
See accompanying Notes to the Basic Financial Statements.

22

City of San Buenaventura
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures
and Changes in Fund Balances to the Government-Wide Statement of Activities
For the year ended June 30, 2019



Net Change in Fund Balances - Total Governmental Funds
$13,274,142
Amounts reported for governmental activities in the Statement of Activities are different because:
Amounts reported for governmental activities in the Statement of Activities are different because:
Governmental funds report capital outlay as expenditures. However, in the Government-Wide Statement of Activities, the cost of these assets is allocated over their estimated useful lives as depreciation expense. This is the amount by which depreciation exceed capital outlay in the current period.
Capital outlay
6,101,964
Depreciation expense
(8,596,346)
(2,494,382)
Governmental funds report the entire proceeds from sale of an asset as revenue because it provides current financial resources.  However, the Government-Wide Statement of Activities reports only the gain (loss) on the sale of assets.  Thus, the change in net position differs from the change in fund balance by the net book value of the asset sold. 
(11,677)
Unavailable revenue is reported as revenue on the accrual basis in the Government-Wide Statement of Activities. The following amount represents the change in accrued unavailable revenue from the prior year.
(3,606,583)
Repayment of bond principal is an expenditure in governmental funds, but the repayment reduces long-term liabilities in the Government-Wide Statement of Net Position.
1,470,000
Amortized loss on defeasance costs are not included in the Governmental Statements, but the expenditures are capitalized and recorded as a deferred asset in the Government-Wide Statement of Net Position.
(22,390)
Amortized premium discount on issuance on long-term debt is not recorded in Governmental Statements, but is a liability and amortized in the Government-Wide Statement of Net Position.
82,911
Internal service funds are used by management to charge the costs of certain activities, such as insurance and fleet management, to individual funds, The net expense of the internal service funds is reported with governmental activities.
(3,202,761)
Contributed capital from Developer for infrastructure for Enclave Development
843,012
Changes in net pension liability and related deferred inflows and outflows of resources are reflected in the Statement of Activities as an expense but does not impact current financial resources. 
(10,537,976)
Change in Net Position of Governmental Activities
$(4,205,704)

See accompanying Notes to the Basic Financial Statements.

23

City of San Buenaventura
Statement of Net Position
Proprietary Funds
June 30, 2019

Major Enterprise Funds

Governmental Activities

Wastewater
Water
Total
Internal Service Funds
Assets:
Current assets:
Cash and investments
$28,469,325
$44,172,233
$72,641,558
$15,372,256
Restricted cash and investments
10,177,758
17,342,929
27,520,687
-
Accounts receivable, net
4,674,173
4,508,911
9,183,084
7,285
Interest receivable
103,326
181,491
284,817
48,165
Due from others
17,387
111,056
128,443
34,946
Due from other governments
851
362,653
363,504
693,144
Inventory, prepaid and other items
-
-
-
82,886
Total current assets:
43,442,820
66,679,273
110,122,093
16,238,682
Noncurrent assets:
Investment
20,542,322
31,872,910
52,415,232
11,092,004
Loans and notes receivable, net
66,164
75,464
141,628
-
Capital assets:
Non-depreciable
7,901,754
12,698,551
20,600,305
591,881
Depreciable, net
78,580,794
96,453,539
175,034,333
13,483,402
Total capital assets:
86,482,548
109,152,090
195,634,638
14,075,283
Total noncurrent assets:
107,091,034
141,100,464
248,191,498
25,167,287
Total assets:
150,533,854
207,779,737
358,313,591
41,405,969
Deferred outflows of resources:
Deferred charges on refunding
869,852
1,524,697
2,394,549
-
Deferred outflows - pensions
1,034,372
1,230,728
2,265,100
1,105,211
Total deferred outflows of resources:
1,904,224
2,755,425
4,659,649
1,105,211
Liabilities:
Current liabilities:
Accounts payable
2,504,048
2,719,668
5,223,716
1,652,887
Accrued payroll liabilities
-
-
-
5,999,832
Unearned revenue
66,164
346,720
412,884
-
Interest payable
821,638
1,395,986
2,217,624
-
Due to others
113
1,173
1,286
4,750,829
Claims and judgments payable-current
-
-
-
2,801,199
Compensated absences payable-current
-
-
-
710,459
Loans payable-current
860,000
1,968,887
2,828,887
-
Deposits held for others
-
12,300
12,300
-
Total current liabilities:
4,251,963
6,444,734
10,696,697
15,915,206
Noncurrent liabilities:
Claims and judgments payable
-
-
-
17,986,147
Compensated absences payable
-
-
-
5,897,492
Loans payable
38,666,824
69,040,073
107,706,897
17,894
Net pension liability
6,205,165
7,383,099
13,588,264
6,630,128
Total noncurrent liabilities:
44,871,990
76,423,173
121,295,161
30,531,661
Total liabilities:
49,123,952
82,867,906
131,991,858
46,446,867
Deferred inflow of resources:
Deferred inflows - pensions
128,637
153,056
281,693
137,447
Total deferred inflow of resources:
128,637
153,056
281,693
137,447
Net position:
Net invested in capital assets
55,931,623
51,654,365
107,585,988
14,057,390
Restricted for:
Capital projects
48,137,646
73,366,015
121,503,661
-
Debt service
1,681,638
3,368,473
5,050,111
-
Unrestricted
(2,565,418)
(874,653)
(3,440,071)
(18,130,524)
Total net position:
$103,185,489
$127,514,200
$230,699,689
$(4,073,134)
See accompanying Notes to the Basic Financial Statements.

24

City of San Buenaventura
Statement of Revenues, Expenses and Changes in Net Position
Proprietary Funds
For the year ended June 30, 2019


Major Enterprise Funds

Governmental Activities

Wastewater
Water
Total
Internal Service Funds
Operating revenues:
Utility service charges
$28,017,020
$38,092,293
$66,109,313
$-
Internal service charges
-
-
-
21,258,136
Use of money and property
-
-
-
55,590
Other revenue
22,087
16,000
38,087
271,137
Total operating revenues:
28,039,107
38,108,293
66,147,400
21,584,863
Operating expenses:
Salaries and benefits
6,043,098
7,198,054
13,241,152
5,710,273
Contractual services
6,176,081
1,965,171
8,141,252
3,788,839
Materials and supplies
1,623,491
5,642,259
7,265,750
1,838,589
General and administrative
4,019,039
9,998,268
14,017,307
3,126,280
Insurance premiums and settlements
-
-
-
9,758,246
Depreciation
4,207,781
5,507,792
9,715,573
1,179,922
Total operating expenses:
22,069,490
30,311,544
52,381,034
25,402,149
Operating income (loss)
5,969,617
7,796,749
13,766,366
(3,817,286)
Non-operating revenues (expenses):
Investment income
1,712,914
2,454,747
4,167,661
554,683
Interest expense
(1,554,807)
(2,672,909)
(4,227,716)
-
Unrealized loss on investments
-
-
-
(1,219)
Fire loss insurance recovery
-
-
-
39,586
Gain (loss) on disposal of assets
(1,881)
-
(1,881)
-
Total non-operating revenues (expenses):
156,226
(218,162)
(61,936)
593,050
Income (loss) before transfers
6,125,843
7,578,587
13,704,430
(3,224,236)
Transfers in
-
4,994,620
4,994,620
76,626
Transfers out
(5,423,163)
(977,775)
(6,400,938)
(55,151)
Total transfers
(5,423,163)
4,016,845
(1,406,318)
21,475
Change in net position
702,680
11,595,432
12,298,112
(3,202,761)
Net position:
Beginning of year
102,482,809
115,918,768
218,401,577
(5,649,342)
Prior period adjustment
-
-
-
4,778,969
Beginning of year, restated
102,482,809
115,918,768
218,401,577
(870,373)
End of year
$103,185,489
$127,514,200
$230,699,689
$(4,073,134)


See accompanying Notes to the Basic Financial Statements.

25

City of San Buenaventura
Statement of Cash Flows
Proprietary Funds
For the year ended June 30, 2019
Major Funds




Wastewater
Water
Total
Governmental Activities - Internal Service Funds
Cash flows from operating activities: 
Cash receipts from customers/other funds
$24,976,478
$37,219,179
$62,195,657
$22,110,086
Cash payment to suppliers for goods and services
(10,671,556)
(17,396,560)
(28,068,116)
(9,419,451)
Cash payments to employees for services
(5,230,993)
(6,594,330)
(11,825,323)
(5,021,025)
Deposits held for others
-
-
-
(200)
Fire loss insurance recovery
2,458,051
1,983,682
4,441,733
4,800,252
Cash paid for Insurance premiums
-
-
-
(5,297,527)
 
Net cash provided (used) by operating activities 
11,531,980
15,211,971
26,743,951
7,172,135
 
Cash flows from noncapital financing activities: 
Transfers to other funds
(5,423,163)
(977,775)
(6,400,938)
(55,151)
Transfers from other funds
-
4,994,620
4,994,620
76,626
-
-
-
39,586
 
Net cash provided (used) by noncapital financing activities 
(5,423,163)
4,016,845
(1,406,318)
61,061
 
Cash flows from capital and related financing activities: 
Purchase of capital assets
(4,968,525)
(7,988,651)
(12,957,176)
(2,906,612)
Payment of bond principal
(994,306)
(2,114,999)
(3,109,305)
(17,208)
Proceeds from the sale of assets
-
-
-
56,470
Interest paid on debt
(1,509,270)
(2,629,288)
(4,138,558)
(1,219)
 
Net cash provided (used) by capital and related financing activities 
(7,472,101)
(12,732,938)
(20,205,039)
(2,868,569)
 
Cash from investing activities: 
Investment income
1,712,883
2,449,057
4,161,940
19,061
Loss on investments
-
-
-
534,811
Net cash provided (used) by investing activities 
1,712,883
2,449,057
4,161,940
553,872
 
Net increase (decreases) in cash and cash equivalents 
349,599
8,944,935
9,294,534
4,918,499
Cash and invesments, Beginning of year
58,839,807
84,443,137
143,282,944
21,545,761
Cash and investments, End of Year
59,189,406
93,388,072
152,577,478
26,464,260


See accompanying Notes to the Basic Financial Statements.

26

City of San Buenaventura
Statement of Cash Flows
Proprietary Funds
For the year ended June 30, 2019
Major Funds




Wastewater
Water
Total
Governmental Activities - Internal Service Funds
Reconciliation of operating income (loss) to net cash provided (used) by operating activities
Operating income (loss)
5,969,617
7,796,749
13,766,366
(3,871,416)
Adjustments to reconcile operating income (loss) to net cash provided (used) by operating activities: 
Depreciation
4,207,781
5,507,792
9,715,573
1,179,922
Changes in assets and liabilities: 
Accounts receivable
(749,929)
1,024,658
274,729
17,643
Accrued payroll liabilities
-
-
-
1,025,616
Deposits held for others
-
(858,936)
(858,936)
(200)
Due from other governments
162,738
-
162,738
6,531,377
Due from others
(17,387)
657,588
640,201
(1,266,912)
Prepaid expenses
-
-
-
266,045
Accounts payable
1,148,787
312,624
1,461,411
(1,066,450)
Deferred outflows - pension
461,244
669,639
1,130,883
894,156
Net pension liability
389,418
(6,532)
382,886
(1,144,473)
Deferred inflows - pension
(38,549)
(59,375)
(97,924)
(86,051)
Due to other governments
(1,738)
(103,491)
(105,229)
134,659
Claims and judgments payable
-
-
-
4,460,718
Compensated absences payable
-
271,256
271,256
97,500
Total adjustments
5,562,365
7,415,223
12,977,588
11,043,550
Net cash provided (used) by operating activities:
$11,531,982
$15,211,972
$26,743,954
$7,172,134

See accompanying Notes to the Basic Financial Statements.

27

City of San Buenaventura
Statement of Net Position
Fiduciary Funds
June 30, 2019


Redevelopment Successor Agency Private Purpose Trust Fund
Agency Fund
Assets:
Current assets:
Cash and investments
$1,899,487
$109,621
Interest receivable
2,737
304
Accounts receivable, net
-
5,546
Total current assets:
1,902,224
115,471
Noncurrent assets:
Land and buildings held for resale
187,030
-
Total assets:
2,089,254
$115,471
Liabilities:
Current liabilities:
Accounts payable
903
$-
Interest payable
259,159
-
Notes and bonds payable - due in less than one year
715,000
-
Total current liabilities:
975,062
-
Long-term liabilities:
Deposits held for others
-
115,471
Due to City
4,778,104
-
Notes and bonds payable - due in more than one year
9,630,000
-
Total long-term liabilities:
14,408,104
115,471
Total liabilities:
15,383,166
$115,471
Net position:
Net position held in trust for private purpose
(13,293,912)
Total net position
$(13,293,912)


See accompanying Notes to the Basic Financial Statements.

28

City of San Buenaventura
Statement of Changes in Net Position
Fiduciary Funds
For the year ended June 30, 2019


Redevelopment Successor Agency Private Purpose Trust Fund
Additions:
Investment and rental
$30,940
RPTTF distributions
1,552,425
Other revenue
11,685
Total additions:
1,595,050
Deductions:
Administrative expenses
177,429
Interest and other charges
888,588
Total deductions:
1,066,017
Change in net position
529,033
Net position:
   Beginning of year
(14,632,945)
   Prior adjustments
810,000
Beginning balance, restated
(13,822,945)
End of year
$(13,293,912)

See accompanying Notes to the Basic Financial Statements.

29

img3a3e.png

img2043.png

City of San Buenaventura
Index to the Notes to the Basic Financial Statements
For the Year Ended June 30, 2019












Page




Note 1 - Summary of Significant Accounting Policies 


32





A.
Description of the Reporting Entity
32

B.
Basis of Accounting and Measurement Focus
32

C.
Net Position Flow Assumption
35

D.
Cash, Cash Equivalents and Investments
35

E.
Restricted Cash and Investments
35

F.
Inventory, Prepaid and other items
36

G.
Interfund Transactions
36

H.
Capital Assets
36

I.
Compensated Absences
37

J.
Long-Term Debt
38

K.
Interest Payable
38

L.
Property Taxes
38

M.
Net Position
38

N.
Fund Balances
38

O.
Use of Estimates
38

P.
Deferred Outflows/Inflows of Resources
38
30

City of San Buenaventura
Index to the Notes to the Basic Financial Statements
For the Year Ended June 30, 2019


Q.
Pensions
39

R.
GASB Pronouncements
39




Note 2 - Cash and Investments 


41





A.
Cash and Investments
41

B.
Investments 
41

C.
Fair Value Measurements
42

D.
Disclosures Relating to Interest Rate Risk
43

E.
Disclosures Relating to Credit Risk
44

F.
Concentration of Credit Risk
44

G.
Custodial Credit Risk
44

H.
Investment in State Investment Pool
45




31

City of San Buenaventura
Index to the Notes to the Basic Financial Statements
For the Year Ended June 30, 2019

Note 3 - Loans and Notes Receivable 


46





A.
City Home
46

B.
Chapel Lane Senior Housing Project
47

C.
Turning Point Foundation
47

D.
Business Assistance Program
47

E.
City Employee Home Assistance Program
44

F.
Successor Housing Agency
48

G.
Affordable Housing Development
49




Note 4 - Interfund Transactions 


52
32

City of San Buenaventura
Index to the Notes to the Basic Financial Statements
For the Year Ended June 30, 2019





Note 5 - Capital Assets 


54




Note 6 - State Water Project 


56




Note 7 - Long-Term Debt 


56





A.
Governmental Activities Long-Term Debt
56

B.
Long-Term Debt of Business-Type Activities and Proprietary Funds
59

C.
Conduit Debt
64




33

City of San Buenaventura
Index to the Notes to the Basic Financial Statements
For the Year Ended June 30, 2019

Note 8- Unearned Revenues 






Note 9 - Fund Balances For Governmental Funds 


66




34

City of San Buenaventura
Index to the Notes to the Basic Financial Statements
For the Year Ended June 30, 2019

Note 10 - Deficit Fund Balances and Net Position 


66




35

City of San Buenaventura
Index to the Notes to the Basic Financial Statements
For the Year Ended June 30, 2019

Note 11 - Self-Insurance Accrued Liabilities 


68








Note 12 - Pension Plans 


70




36

City of San Buenaventura
Index to the Notes to the Basic Financial Statements
For the Year Ended June 30, 2019

Note 13 - Commitments and Contingencies 


71




Note 14 - Deferred Fees 


78




37

City of San Buenaventura
Index to the Notes to the Basic Financial Statements
For the Year Ended June 30, 2019

Note 15 - Related Organizations 


78




Note 16 - Joint Ventures 


78




38

City of San Buenaventura
Index to the Notes to the Basic Financial Statements
For the Year Ended June 30, 2019

Note 17 - Recent Changes in Legislation Affecting California Redevlopment Agencies


79

39

City of San Buenaventura
Index to the Notes to the Basic Financial Statements
For the Year Ended June 30, 2019

Note 18 - Successor Agency Disclosures 


80





40

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
The basic financial statements of the City of San Buenaventura (Ventura), California (City) have been prepared in conformity with Generally Accepted Accounting Principles (GAAP) as applied to governmental agencies. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The more significant of the City’s accounting policies are described below.
ADescription of the Reporting Entity 
City of San Buenaventura
The City, incorporated as a town on March 10, 1866, was recognized as a city in the State of California by election on December 4, 1905, and was certified on January 5, 1906. The initial City Charter was adopted January 7, 1932, and was revised most recently on November 8, 2016. The City operates under an elected Council and appointed City Manager form of government and provides the following services as authorized by its charter: public safety (police and fire), public works (maintenance services, capital improvement and utilities), community services, and general administrative services. In accordance with GAAP, these basic financial statements present the City and its component units (entities for which the City is considered to be financially accountable). Blended component units, although legally separate entities are, in substance, part of the City’s operations and data from these units is combined with data of the City. Each blended component unit has a June 30 year end. The City had no discretely presented component units. 
The following entity is reported as a blended component unit.
Ventura Public Facilities Financing Authority
The Authority was established by ordinance, pursuant to the City Charter and Constitution of the State of California, as a public body, corporate and politic, acting to facilitate serving the public purposes of the City. The ordinance was adopted on May 28, 1985, and became effective July 1, 1985. The governing body of the Authority is comprised of the consenting members of the City Council. The Authority is empowered to construct, acquire, maintain and improve public facilities and improvements within the City and to sell, lease, exchange, transfer, encumber or otherwise dispose of any interest in property. The Authority's activities presently consist of providing financial assistance to the City through the issuance of certificates of participation and the leasing of assets to the City. At the end of the lease term, all assets revert to the City. The funds of the Authority have been included in the governmental activities of the financial statements.
BBasis of Accounting and  Measurement Focus 
The accounts of the City are organized on the basis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self balancing accounts that is comprised of its assets, deferred outflows of resources, liabilities, deferred inflows of resources, fund balances/net positions, revenues, and expenditures or expenses, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.
Government - Wide Financial Statements  
The City’s government-wide financial statements include a Statement of Net Position and a Statement of Activities.  These statements present summaries of governmental and business type activities for the City accompanied by a combined total column.  Fiduciary activities of the City are not included in these statements.
The government-wide financial statements are presented on an economic resources measurement focus and the accrual basis of accounting. Accordingly, all of the City’s assets, deferred outflows of resources, liabilities and deferred inflows of resources, including capital assets and long-term liabilities, are included in the accompanying Statement of Net Position. The Statement of Activities presents changes in Net Position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred. Grants and similar financial resources are recognized as revenues when all
41

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
BBasis of Accounting and  Measurement Focus (continued) 
Government - Wide Financial Statements (continued)  
eligibility requirements have been met.
Certain types of transactions are reported as program revenues for the City in three categories:
Charges for services
Operating grants and contributions
Capital grants and contributions
Certain exclusions have been made in regards to interfund activities, payables and receivables. All interfund balances in the Statement of Net Position have been excluded except those representing balances between the governmental activities and the business type activities, which are presented as internal balances and eliminated in the total primary government column. In the Statement of Activities, interfund transfers have been excluded from these statements; however, those transactions between governmental and business type activities have not been removed. 
Governmental Fund Financial Statements  
Governmental fund financial statements are presented using the current financial resources measurement focus and the modified accrual basis of accounting. These statements include a Balance Sheet and a Statement of Revenues, Expenditures and Changes in Fund Balances for all major governmental funds and non-major funds aggregated. An accompanying schedule is presented to reconcile and explain the differences in fund balances and change in fund balances as presented in these statements to the net position and change in net position presented in the government wide financial statements. The City has presented only major funds that meet the major fund criterion. The following is a list of these major governmental funds:
General Fund - The City’s general fund is the City’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for by another fund. The General Fund is used to account for activities primarily supported by taxes, grants, and similar revenue sources.
Governmental fund financial statements present current assets, current liabilities and deferred inflows of resources on the Balance Sheet. The Statement of Revenues, Expenditures and Changes in Fund Balances present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become both measurable and available to finance expenditures of the current period.
Revenues are recorded when received in cash, except that revenues subject to accrual (generally 90 days after year-end) are recognized when due. The primary revenue sources, which have been treated as susceptible to accrual by the City, are property tax, sales tax, intergovernmental revenues and other taxes, interest, and charges for services. Expenditures are recorded in the accounting period in which the related fund liability is incurred.
Unavailable revenues arise in the governmental funds when potential revenues do not meet both the “measurable” and “available” criteria for recognition in the current period. Unearned revenues also arise when the government receives resources before it has a legal claim to them, as when grant monies are received prior to incurring qualifying expenditures. In subsequent periods, when both revenue recognition criteria are met or when the government has a legal claim to the resources, the unavailable/unearned revenue is removed from the Balance Sheet and revenue is recognized.
42

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
BBasis of Accounting and  Measurement Focus (continued) 
Proprietary Fund Financial Statements  
Proprietary fund financial statements include financial statements for Enterprise Funds and Internal Service Funds. Each financial statement includes a Statement of Net Position, a Statement of Revenues, Expenses and Changes in Net Position, and a Statement of Cash Flows.  
Proprietary funds are accounted for using the economic resources measurement focus and the accrual basis of accounting. Accordingly, all assets, deferred outflows of resources, liabilities and deferred inflows of resources (whether current or non-current) are included on the Statement of Net Position. The Statement of Revenues, Expenses and Changes in Net Position presents increases (revenues) and decreases (expenses) in total Net Position. Revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred.
Operating revenues in the proprietary funds are those revenues that are generated from the primary operations of the fund. All other revenues are reported as non-operating revenues. Operating expenses are those expenses that are essential to the primary operations of the fund. All other expenses are reported as non-operating expenses. The following is a list of the City’s proprietary funds:
Wastewater Fund – The wastewater fund is categorized as a major enterprise fund. This fund accounts for all wastewater collection, treatment, and reclamation services provided to residents and businesses in the City of Ventura and a small portion of Ventura County. These activities include, but not limited to administration, operations, maintenance, laboratory, and debt service. 
Water Fund – The water fund is categorized as a major enterprise fund. This fund accounts for all water treatment and distribution services provided to residences and businesses in the City and a small portion of unincorporated Ventura County. These activities include but are not limited to administration, maintenance, distribution, customer service, production, purification, and debt service.  
Internal Service Funds
These proprietary funds account for governmental activities internal service charges. Internal service balances and activities have been combined with the governmental activities in the government wide financial statements. The following is a list of the internal service funds:
Information Technology Fund - This fund accounts for capital and operational costs related to the replacement and maintenance of the City’s technological infrastructure. Costs are recovered through a monthly user fee charged to City departments.
Fleet Maintenance Fund - This fund accounts for capital and operational costs related to operations of the central fleet maintenance system which provides vehicles for all City departments. Costs are recovered through a monthly user fee charged to City departments.
Facilities Maintenance Fund - This fund accounts for operational costs related to providing City facilities’ maintenance services to all City departments. A monthly fee, based on square footage, is charged to City departments to recover these costs.
Digital Publishing Fund - This fund accounts for capital and operational costs related to printing and reproduction of materials by all City departments. Costs are recovered through a monthly fee charged to City departments using the service.
Workers’ Compensation Fund - This fund accounts for costs and liabilities related to the Workers’ Compensation Program. Costs are recovered through a monthly fee based on employee-type charges to City departments.
43

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
BBasis of Accounting and  Measurement Focus (continued) 
Proprietary Fund Financial Statements (continued)  
Employee Fringe Benefits Fund - This fund accounts for costs and liabilities related to health, life, dental and disability insurances, retirement costs, taxes, and other miscellaneous benefits paid by the City on behalf of the employees. A bi-weekly charge based on a percentage of gross payroll is charged to City departments to recover these costs.
Risk Management Fund - This fund accounts for costs of providing public liability insurance coverage to operating funds. Costs are recovered from those funds that benefit from the insurance coverage.
Fiduciary Fund Financial Statements  
Fiduciary fund financial statements include a Statement of Net Position and a Statement of Changes in Net Position. Fiduciary Funds are used to account for resources that the City holds as a trustee or agent on behalf of an outside party and that cannot be used to support the City's own programs. The City's fiduciary funds consist of a private purpose trust fund and an agency fund. Private purpose trust funds are reported using the economic resources measurement focus and the accrual basis of accounting. The agency fund is custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. Agency funds are reported using the accrual basis of accounting. The City currently reports two fiduciary funds detailed below:
Private Purpose Trust Fund – Redevelopment Successor Agency – The Redevelopment Agency was dissolved by state law on January 31, 2012. Upon dissolution, all of the assets and liabilities of the Agency were transferred to the City of Ventura Successor Redevelopment Agency. The Successor Agency is responsible for the disposition of real property and repayment of the former Agency’s tax allocation bonds (See Note 19).
Agency Fund Property Based Improvement District Fund – This fund accounts for the funds held in trust by the City as collected from property assessments to be used for the improvements and maintenance of the Downtown Property Based Improvement District.
CNet Position Flow Assumption 
The City may fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted net position and unrestricted  net position, a flow assumption must be made about the order in which the resources are considered to be applied. It is the City’s practice to consider restricted net position to have been depleted before unrestricted net position is applied; however, it is at the City Council's discretion.
DCash, Cash Equivalents and Investments 
The City pools its available cash for investment purposes. The City’s cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term investments with original maturity of three months or less from the date of acquisition. Cash and cash equivalents are combined with investments and displayed as Cash and Investments. 
Highly liquid market investments with maturities of one year or less at time of purchase are stated at amortized cost. Guaranteed investment contracts are stated at cost. All other investments are stated at fair value.  Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.  Market value is used as fair value for those securities for which market quotations are readily available.  For purposes of reporting cash flows, the City considers each fund’s share in the cash and investments pool to be cash and cash equivalents. See Note 2 for more information on Fair Value Measurement.
Restricted Cash and Investments 
Certain restricted cash and investments are held by fiscal agents for the redemption of bonded debt and for acquisition and construction of capital projects. Cash and investments are also restricted for deposits held for others
44

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
Restricted Cash and Investments (continued) 
within the enterprise funds. The restricted cash and investments are separated from unrestricted cash and investments and presented as such.
Inventory, Prepaid and Other Items 
Inventories are valued at cost using first in, first out method of accounting for inventories. Governmental fund inventories are recorded as expenses when consumed rather than when purchased. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items. The treatment accorded prepaid items in governmental funds is the consumption method. Certain other payments such as construction retention or escrow funds may also be reflected in this category.  Also included are items that may be cash held in short term escrow or retention accounts.
GInterfund Transactions 
Interfund transactions or activities between governmental, proprietary, and fiduciary funds include transfers, loans, and internal services provided. 
Interfund transfers are the flow of assets from one fund to another fund without equivalent flow of assets in return and without a requirement for repayments. Interfund transfers are presented as transfers in/out (Note 4) .
Interfund loans or advances are amounts provided between funds with a requirement for repayment. These transactions are representative of lending/borrowing arrangements outstanding at the end of the fiscal year. Current portions of interfund loans are presented as due to/from other funds and non-current portions of loans are presented as advances to/from other funds. Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as interfund balances.
Internal services provided between funds are presented in the fund statements as revenues and expenses/expenditures and receivables and payables. These types of interfund transactions reflect the use of services provided from a fund in which the services provided are the fund's main function.
HCapital Assets 
Capital assets which include land, streets, buildings, improvement to buildings and infrastructure, equipment, park and recreation lands, water and wastewater facilities and conveyance systems, storm water conveyance systems, and buildings combined with site amenities such as parking lots and landscaped areas. Other capital assets may include works of art, museum pieces, historical artifacts and other such items. 
Capital assets are defined by the City as assets with an estimated useful life in excess of one year and an initial individual cost of $10,000 or more. Donated capital assets, which may include infrastructure and equipment are recorded at acquisition value when accepted by the City. Donated works of art, museum pieces and other such items are recorded at acquisition value. Infrastructure acquired prior to July 1, 1980 is not reported. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend the asset’s useful life are recorded as operational costs when incurred.
Depreciation is recorded on a straight-line basis over the useful lives of the assets as follows:



Buildings and improvements
10 - 77 years

Improvements other than buildings
10 - 75 years

Vehicles, machinery and equipment
  2 - 20 years

Infrastructure (above and below ground)
  5 - 50 years

Each major infrastructure system can be divided into subsystems. For example, the street system can be
45

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
HCapital Assets (continued) 
subdivided into pavement, curb and gutters, sidewalks, streetlights, traffic control devices, etc. These subsystems are not delineated in the basic financial statements. The appropriate operating department maintains information regarding the subsystems.
Compensated Absences 
The City accrues the cost of annual vacation leave at fiscal year-end. Employees covered by Ventura Maintenance Employee Association (VMEA) Maintenance (A) Units and Service Employees' International Union (SEIU) General (G) Units receive annual leave in lieu of vacation and sick leave (sick leave remaining in leave banks as of 11/05/2004 are available for use/payouts). The City accrues the cost of annual leave at fiscal year-end. The City accrues, once per fiscal year, the cost of sick leave for all employees eligible for a payout of a portion of the balance of unused sick leave upon separation (resignation or retirement). The amount of payout varies by employee group as follows:
Employees covered by SEIU Supervisory (S), Professional (Q), and General (G) Unit agreements shall, after ten years of continuous City service, be eligible to receive an amount equivalent to 25% of their accrued sick leave upon resignation, or retirement from employment or in the case of death to the employee's beneficiary. The maximum sick leave accrual for all employees hired on or before August 1, 1977 is 1440, all other employees have a maximum of 480 hours.
Employees covered by VMEA Maintenance (A) unit agreements shall, after ten years of continuous City service, be eligible to receive an amount equivalent to 25% of their accrued sick leave upon resignation or retirement from employment or in the case of death, to the employee's beneficiary. The maximum sick leave accrual for all employees hired on or before August 1, 1977 is 1440, all other employees have a maximum of 480 hours.
Employees in the Executive (E), Management (M), and Confidential (C) salary schedules shall, after ten years of continuous City service, be eligible to receive an amount equivalent to 25% of their accrued sick leave upon resignation, or retirement from employment or in the case of death to the employee's beneficiary. Notwithstanding the foregoing, employees in Salary Schedule "E" shall, after twenty years of continuous City service, be eligible to receive an amount equivalent to 50% of their accrued sick leave upon resignation/retirement from employment or in the case of death to the employee's beneficiary. The maximum accrual is 480 hours, with the exception of  safety management employees promoted into a salary schedule E position. These safety management employees  may accrue up to the maximum allowed under the safety management Memorandum of Understanding in effect at the time of promotion.
Police (P) and Police Management (T) shall, after ten years of continuous City service, be eligible to receive an amount equivalent to 2.5% of their accrued sick leave for each completed year of service and will be received upon resignation, or retirement from employment or in the case of death to the employee's beneficiary. After twenty years of continuous City service, they shall be eligible to receive an amount equivalent to 3% of their accrued sick leave for each completed year of service (not to exceed 75%). This benefit will be received upon resignation, or retirement from employment or in the case of death to the employee's beneficiary. The maximum accrual is 1,440 hours.
Ventura City Firefighters Association (F) and Ventura Fire Management Association (B) shall, after ten years of continuous City service, be eligible to receive an amount equivalent to 25% of their accrued sick leave upon resignation, or retirement from employment or in the case of death to the employee's beneficiary. After twenty years of continuous City service, they shall be eligible to receive an amount equivalent to 50% of their accrued sick leave upon resignation, or retirement from employment or in the case of death to the employee's beneficiary. Maximum accrual for employees working a 40-hour schedule is 1440 and 2016 for employees working a 56-hour schedule. 
Vacation and sick leave benefits are accrued and recorded in the Employee Fringe Benefits Internal Service Fund. Compensated absences are generally liquidated in the Internal Service Fund. 
46

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
Long-Term Debt 
In the government wide financial statements, long term debt and other obligations are reported as liabilities in the applicable governmental and business-type activities.  Premiums and discounts on bonds sold are amortized over the life of the bonds. Bonds payable are reported net of the applicable bond premium and discount. Issuance costs are reported as expenses at the time of debt issuance.
In the fund financial statements, governmental funds recognize bond premiums and discounts during the period in which bonds are issued and the face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuance are reported as other financing uses. Issuance costs whether or not withheld from the actual debt proceeds received, are reported as expenditures.
KInterest Payable 
In the government-wide financial statements, interest payable on long-term debt is recognized as the liability is incurred for governmental and business-type activities. In the fund financial statements, proprietary funds recognize the interest payable when the liability is incurred.
Property Taxes 
Property taxes are levied based on a fiscal year (July 1 – June 30) each year. The property tax assessments are formally due on November 1st and February 1st, and become delinquent after December 10th and April 10th respectively. Taxes become a lien on the property effective January 1st of the preceding year.
MNet Position 
The financial statements utilize a net position presentation. Net Position is categorized as follows:
Net Investment in Capital Assets – This amount consists of capital assets, net of accumulated depreciation and reduced by any outstanding debt attributed to the acquisition, construction, or improvement of those assets.
Restricted Net Position – This amount consists of constraints placed on net position use imposed by external creditors, grantors, contributors, laws or regulations of other governments, enabling legislation, or constitutional provisions.
Unrestricted Net Position – This amount is all Net Position that do not meet the definition of “Net investment in capital assets” or “Restricted Net Position.”
NFund Balances 
In the fund financial statements, governmental fund balances are classified based primarily on the extent to which the City is bound to honor constraints on the specific purposes for which amounts in the funds can be spent. See Note 10 for further detail on fund balance reporting.
OUse of Estimates 
The preparation of the basic financial statements, in conformity with generally accepted accounting principles, requires management to make estimates and assumptions when necessary. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. In addition, estimates affect the reported amount of expenses. Actual results could differ from these estimates and assumptions. The City’s policy is to minimize estimates when actual data is available. Estimates are only used when actual amounts are not known and are based on past performance and new or updated information.
Deferred Outflows/Inflows of Resources 
In addition to assets, the statement of net position and the governmental funds balance sheet may report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of
47

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
Deferred Outflows/Inflows of Resources (continued) 
resources, represents a consumption of net position that applies to future periods and so will not be recognized as an outflow of resources (expense/expenditure) until the time that the resource is used.  The City has five items that qualify for reporting in this category. The first item is the deferred amount on refunding reported in the government wide statement of net position and the proprietary funds financial statements. A deferred amount on refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. The second item is  deferred outflows related to pensions. This amount is equal to employer contributions made after the measurement date of the net pension liability. The third item is a deferred outflow related to pensions for net differences between projected and actual earnings on plan investments. This amount is amortized over five years.  The fourth item is deferred outflows related to pension as a result of changes in assumptions.  The fifth item is a deferred ourflow resulting from the net differences between projected and actual earnings on plan investments in the pension.
In addition to liabilities, the statement of net position and the governmental funds balance sheet may sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to future periods and will not be recognized as an inflow of resources (revenue) until that time. The City has three items that qualify for reporting in this category.  The first item is unavailable revenues which arise only under a modified accrual basis of accounting that qualifies for reporting in this category. Accordingly, this item, unavailable revenues, is reported only in the governmental fund balance sheet. The governmental funds report unavailable revenues from two sources: taxes and grants.  These amounts are reported as unavailable revenues and recognized as an inflow of resources in the period that the amounts become available. The second item is a deferred inflow related to pensions resulting from the difference between expected and actual experience. The third item is a deferred inflow related to pensions for the changes of assumptions. The second and third items are amortized over a closed period equal to the average of the expected remaining service lives of all employees that are provided with pensions through the Plans. 
QPensions 
For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the City's California Public Employees' Retirement System (CalPERS) plans (Plans) and additions to/deductions from the Plans' fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.
RGASB Pronouncements 
The Governmental Accounting Standards Board (GASB) has issued the following pronouncement which may impact the City’s financial reporting requirement  the current period and in the future.
Current Year Pronouncements
GASB Statement Number 83 - Certain Asset Retirement Obligations, effective for the fiscal years beginning after June 15, 2018. This statement addresses accounting and financial reporting for certain Asset Retirement Obligations (ARO). An ARO is a legally enforceable liability associated with the retirement of a tangible capital asset and as such should be recognized as a liability. This statement establishes criteria for determining the timing and pattern of recognition of a liability and a corresponding deferred outflow of resources for AROs. This liability would be recognized at the time that the liability is both incurred and reasonably estimable based on both external laws, regulations, contracts or court judgments and the occurrence of an internal event that obligates a government to perform asset retirement activities. The City reviewed  this new pronouncement and determined that City currently has no ARO obligations.
GASB Statement Number 88 - Certain Disclosures related to Debt. This Statement is effective for reporting period beginning after June 15, 2018. The objective of this Statement is to improve the information that is
48

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 
RGASB Pronouncements (continued) 
disclosed in notes to government financial statements related to debt. This Statement requires that additional essential information related to debt be disclosed in notes to the financial statements, including unused lines of credit; assets pledged as collateral for the debt; and terms specific in debt agreements related to significant events of default with finance-related consequences, significant termination events with finance-related consequences, and significant subjective acceleration clauses. This statement also requires that existing and additional information be provided for direct borrowings and direct placements of debt separately from other debt. Implementing this  pronouncement did not have a significant impact on the City's note disclosures. 
GASB Statement Number 89 - Interest Cost Incurred before the End of a Construction Period is effective for reporting periods beginning after December 15, 2019.  The objectives of this Statement are (1) to enhance the relevance and comparability of information about capital assets and the costs of borrowing for a reporting period and (2) to simplify accounting for interest costs incurred before the end of a construction period. This statement requires that interest cost incurred before the end of a construction period be recognized as an expense in the period in which the cost is incurred for the financial statements prepared using the economic resources measurement focus. As a result, interest cost incurred before the end of a construction period will not be included in the historical cost of a capital asset reported in a business- type activity or enterprise fund. Implementation of this new prouncement did not impact the City's financial reporting.
Future Year Pronouncements
GASB Statement Number 84 – Fiduciary Activities, effective for reporting periods beginning after December 15, 2018. The objective of this statement is to improve guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes. The focus of the criteria established in this statement is on (1) whether a government is controlling the assets of the fiduciary activity and (2) the beneficiaries with whom a fiduciary relationship exists. Greater consistency and comparability enhances the value provided by the information reported in the financial statements for assessing the governments accountability and stewardship.
GASB Statement Number 87 – Leases, effective for reporting periods beginning after December 15, 2019. The objective of this statement is to improve accounting and financial reporting for leases by governments. This statement increases the usefulness of governments’ financial statements by requiring recognition of certain lease assets liabilities for leases that previously were classified as operating leases and recognized as inflows or outflows of resources based on the payment provisions of the contract. This statement will increase the relevance and consistency of information about governments’ leasing activities. 
GASB Statement Number 90 - Majority Equity Interests. This statement is effective for reporting periods beginning after December 15, 2018. This amendment of GASB Statements No. 14  and 61 is intended to improve the consistency and comparability of reporting majority equity interest in a legally separate organization and to improve the relevance of financial statement information for certain component units.
GASB Statement Number 91 - Conduit Debt Obligations.  The primary objectives of this statement are to provide a single method of reporting conduit debt obligations by issuers and eliminate diversity in practice associated with commitments extended by issuers, arrangements associated with conduit debt obligations, and related note disclosures.  This statement clarifies the existing definition of a conduit debt obligation, establishing that a conduit debt obligation is not a liability of the issuer, establishing standards for accounting and financial reporting of additional commitments and voluntary commitments extended by issuers and arrangements associated with conduit debt obligations; and improving required note disclosures.  This statement is effective for reporting periods beginning after December 15, 2020. 
49

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 2. CASH AND INVESTMENTS 
 A. Cash and Investments 
Cash and investments as of June 30, 2019, are classified in the accompanying financial statements as follows:




Government-Wide Statement of Net Position:

Cash and investments
$259,382,471

Restricted cash and investments (held by bond trustee)
34,201,302

Fiduciary Fund Statement of Net Position:

Cash and investments
2,009,108

Total cash and investments
$295,592,881

Cash and investments as of June 30, 2019, consist of the following:




Cash on hand
$20,960

Deposits with Financial Institutions
69,481,436

Investments
226,090,485

Total cash and investments
$295,592,881
B. Investments  
The table below identifies the investment types that are authorized for the City by the California Government Code (or the City’s investment policy, where more restrictive). The table also identifies certain provisions of the California Government Code (or the City’s investment policy, where more restrictive) that address interest rate risk, and concentration of credit risk. This table does not address investment of debt proceeds held by bond trustees that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City’s investment policy.

Authorized Invest Type
Maximum Maturity
Maximum Amt/ Percent of Portfolio*
Maximum Investment in One Issuer

US Treasury Obligations
5 years
N/A
N/A

U.S. Agency Securities
5 years
N/A
N/A

Banker's Acceptances
180 days
20%
5%

Commercial Paper
270 days
15%
5%

Negotiable Certificates of Deposit
5 years
20%
5%

Certificates of Deposit
5 years
N/A
$250K

Certificates of Deposit Account Registry
5 years
$5M
$5M

Repurchase Agreements
92 days
20%
N/A

Medium-Term Notes
5 years
20%
$5M

Money Market Mutual Funds
N/A
20%
5%

Local Agency Investment Fund
N/A
N/A
$50M**

State of California or Municipal Debt
N/A
N/A
N/A

* Excluding Amounts held by bond trustee that are not subject to California Government Code restrictions.
**Maximum investment is per component unit.
Investments Authorized by Debt Agreements
Investment of debt proceeds held by bond trustee is governed by provisions of the debt agreements, rather than the general provisions of the California Government Code or the City’s investment policy. The table below identifies the investment types that are authorized for investments held by bond trustee and identifies certain provisions of these
50

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 2. CASH AND INVESTMENTS (continued) 
B. Investments  (continued) 
debt agreements that address interest rate risk and concentration of credit risk.

Authorized Investment Type
Maximum Maturity
Maximum Amt/Percent of Portfolio*
Maximum Investment in One Issuer

U.S. Treasury Obligations
30 years
N/A
N/A

Money Market Mutual Funds
N/A
N/A
N/A

Guaranteed Investment Contract
30 years
N/A
N/A

Local Agency Investment Fund
N/A
N/A
N/A

C. Fair Value Measurements 
GASB Statement No. 72 "Fair Value Measurement" generally requires investments to be measured at fair value.  An investment is defined as a security or other asset that (a) a government holds primarily for the purpose of income or profit and (b) has a present service capacity based solely on its ability to generate cash or to be sold to generate cash.  Fair value is defined or described as an exit or sale price. Statement No. 72 provides guidance for determining and applying a fair value measurement for financial reporting purposes. This Statement requires the City to use certain valuation techniques and requires consistency when applying these techniques. This Statement establishes a hierarchy of relative inputs used to measure the fair value of the investments. These techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The determination of what constitutes observable requires judgment by the City's management. City management considers observable data to be market data, which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by multiple independent sources that are actively involved in the relevant market.  This hierarchy has three levels with the highest priority being assigned to unadjusted quoted prices in active markets for identical assets while the lowest priority is assigned to unobserved inputs. All of hte City's investments subject to fair value are Level 2 as valued by quoted prices for similar assets in active markets.
The three levels of the fair value hierarchy mentioned above are as follows:
Level 1 - Inputs to the valuation methodology include:
a.Unadjusted quoted prices for identical assets in active markets that the City has the ability to access. 

Level 2 - Inputs to the valuation methodology include:
b.Quoted prices for similar assets in active markets;
c.Quoted prices for identical or similar assets in inactive markets;
d.Inputs other than quoted prices that are observable for the asset;
e.Inputs that are derived principally from or corroborated by observable market data by correlation or other means. 

Level 3 - Inputs to the valuation methodology include:
f.Unobservable and significant to the fair value measurement. Unobservable inputs reflect the City's own     assumptions about the inputs market participants would use in pricing the asset (including assumptions about risk). Unobservable inputs are developed based on the best information available in the circumstances and may include the City's own data.     
51

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 2. CASH AND INVESTMENTS (continued) 
C. Fair Value Measurements (continued) 
Authorized Investment Type
Level One
Level Two (1)
Level Three
Total
Subject to Fair Value Measurement:
  U.S. Treasury Notes
$-
$19,984,455
$-
$19,984,455
  U.S. Agency Bonds
-
79,518,598
-
79,518,598
  Corporate Medium Term Notes
-
14,654,950
-
14,654,950
  Municipal bonds
-
13,276,582
-
13,276,582
  Medium-Term Note
-
500,035
-
500,035
  Certificates of Deposit
-
9,130,800
-
9,130,800
Total Subject to Fair Value Measurement
$-
$137,065,420
$-
$137,065,420
Not Subject to Fair Value Measurement:
  Local Agency Investment Fund
59,743,159
  Local Agency Investment Fund (bond proceeds)
5,852,876
  Money Market (Held by Trustee)
23,429,030
Total Not Subject to Fair Value Measurement
$89,025,065
Total Investments 
$226,090,485

(1) All of the City's investments subject to fair value are in level 2 as valuded by quoted prices for similar assets in active markets.

D. Disclosures Relating to Interest Rate Risk 
Interest rate risk is generally defined as the potential risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the City manages its exposure to interest rate risk is by adding diversification by purchasing a combination of shorter term and longer term investments. In addition, by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time, as necessary to provide the cash flow and liquidity needed for operations. 
Information about the sensitivity of the fair values of the City’s investments (including investments held by bond trustee) to market interest rate fluctuations is provided by the following table that shows the distribution of the City’s investments by maturity:


Remaining Maturity (in Months)

Investment Type
City Portfolio Totals
12 Months or Less
13 to 24 Months
25-60 Months
General Investments:
US Treasury Notes
$19,984,455
$9,967,543
$8,762,968
$1,253,945
US Agency Fixed Rate Notes & Bonds
79,518,598
7,640,838
17,484,345
54,393,415
 Corporate Bonds
14,654,950
5,554,424
6,940,852
2,159,674
Municipal Bonds
13,276,582
4,433,019
4,483,835
4,359,727
 Medium-Term Note
500,035
-
-
500,035
Certificate of Deposits
9,130,800
754,250
2,251,550
6,125,000
Bond proceeds held by Trustee:
 Money Market Mutual Funds
23,429,030
23,429,030
-
-
Investments held by City:
 Local Agency Investment Fund  (bond proceeds)
5,852,876
5,852,876
-
-
Local Agency Investment Fund
59,743,159
59,743,159
-
-
Total
$226,090,485
$117,375,139
$39,923,550
$68,791,796
52

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 2. CASH AND INVESTMENTS (continued) 
E. Disclosures Relating to Credit Risk 
Credit risk is generally defined as the potential risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. The following presentation is the minimum rating required (where applicable) by the California Government Code, the City’s investment policy, debt agreements, and the actual rating as of year-end for each investment type:

Market Value of
Minimum

Investment Type
Investment
Rating
Amount
Rating1
Not Rated
General Investments:
 US Treasury Notes
$19,984,455
$19,984,455
AA
$-
US Agency Fixed Rate Notes & Bonds
79,518,598
79,518,598
AA
-
 Corporate Bonds
14,654,950
14,654,950
AAA/AA/A/Unrated
-
Municipal Bonds
13,276,582
13,276,582
AAA/AA
-
Medium-Term Note
500,035
N/A
-
500,035
Certificates of Deposit
9,130,800
N/A
-
9,130,800
Bond proceeds held by Trustee:
Money Market Mutual Funds
23,429,030
N/A
23,429,030
AAA
-
Funds held by City:
Local Agency Investment Fund (bond proceeds)
5,852,876
N/A
-
5,852,876
Local Agency Investment Fund
59,743,159
N/A
-
59,743,159
Total
$226,090,485
$150,863,615
$75,226,870
The ratings were with Moody's and Standard and Poor's as of June 30, 2019.
F. Concentration of Credit Risk 
The City’s investment policy contains limitations on the amount that can be invested in any one issuer beyond that stipulated by the California Government Code. Investments, other than U.S. Treasury Obligations, in any one issuer that represent 5% or more of total City’s investments are as follows:

Issuer
Investment Type
Reported Amount

Federal Home Loan Mort. Corp
Federal Agency Security
$32,015,650

Federal Home Loan Banks
Federal Agency Security
$22,136,238

G. Custodial Credit Risk 
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of the counter party (e.g., broker/dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The California Government Code and the City's investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits or investments, other than the following provision for deposits: the California Government Code requires that a financial institution secure deposits made by state or local governmental units by pledging securities in an undivided collateral pool held by a depository regulated under state law (unless so waived by the governmental unit). The market value of the pledged securities in the collateral pool must equal at least 110% of the total amount deposited by the public agencies. California law also allows financial institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150% of the secured public deposits. As of June 30, 2019, the City's deposits with financial institutions were covered by Federal Deposit Insurance Corporation insurance limits or were collateralized as required by California law.
53

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 2. CASH AND INVESTMENTS (continued) 
H. Investment in State Investment Pool 
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. The fair value of the City’s investment in this pool is reported in the accompanying financial statements at amounts based upon the City’s pro-rata share of the fair market value provided by LAIF for the entire LAIF portfolio (in relation to the amortized cost of that portfolio). The balance available for withdrawal is based on the accounting records maintained by LAIF, which are recorded on an amortized cost basis.

 
 
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54

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 3. LOANS AND NOTES RECEIVABLE 
At June 30, 2019, loans and notes receivable consisted of the following:
Loan Description
Balance
 July 1, 2018
Additions
Deletions
Balance
 June 30, 2019
County Home Match
$11,356
$-
$-
$11,356
Chapel Lane Senior Housing Project
897,028
19,725
(87,186)
829,567
Turning Point Transitional Housing
407,303
208,609
(104,000)
511,912
Business Assistance Program:
Micro Loan
483,040
100,000
(129,426)
453,614
Code Compliance Assistance
96,420
60,054
(46,934)
109,540
Commercial Rehabilitation Loan
289,881
187,403
(195,369)
281,915
Economic Development Loan
1,046,974
44,151
(166,226)
924,899
City Officials
97,500
-
(97,500)
-
Successor Housing Agency:
Homebuyer Assistance Program
22,600
-
-
22,600
Working Artists Community
1,313,916
-
(38,181)
1,275,735
Affordable Housing Development:
Working Artists of Ventura- Apartments (City)
1,168,331
-
(11,319)
1,157,012
Soho Associates LP (City)
557,795
27,000
-
584,795
Soho Associates LP (Housing)
681,177
33,000
-
714,177
El Patio LP (City)
518,579
15,325
(64,612)
469,292
El Patio LP (Housing)
487,371
17,425
(64,899)
439,897
Azahar Place Associates LP (CEDC) (City)
1,571,689
119,335
-
1,691,024
Azahar Place Associates LP (CEDC) (Housing)
2,051,578
107,589
(10,013)
2,149,154
Snapdragon II (CEDC) (City)
450,000
-
-
450,000
Ventura Housing Authority
465,000
-
-
465,000
Ventura Housing Authority - Johnson Gardens
300,000
-
-
300,000
Homebuyer Assistance Program (City)
1,276,492
-
(225,262)
1,051,230
Housing Preservation Program
860,335
107,717
(106,835)
861,217
CEDC Los Angeles Apartments
300,000
-
(300,000)
-
Villages at Westview
-
300,000
-
300,000
Total Loans and Notes Receivable
15,354,365
1,347,333
(1,647,762)
15,053,936
Less: Allowance for Uncollectible Accounts
(2,243,163)
556,132
(335,043)
(2,022,074)
Loans and Notes Receivable, net
$13,111,202
$1,903,465
$(1,982,805)
$13,031,862

A. County Home Match 
Remaining loans funded under the City’s Homebuyer Assistance Program (HBAP) while the City was part of the County of Ventura’s HOME Consortium.  This program is no longer active. The general purpose of the HBAP was to promote neighborhood stabilization, stimulate private reinvestment, and broaden affordable housing opportunities.  The remaining HBAP loans are administered by the Housing Authority of San Buenaventura. HBAP provided deferred loans to low-income residents, for down-payment assistance.  The maximum term of a loan is 45 years with interest being charged in the form of equity sharing equal to 50% of the value of the original loan. All interest shall be forgiven provided that the participating owner occupies the property continuously for 45 years.  Any repayment received on these remaining loans does not need to be forwarded to the County of Ventura as other HOME match may require. The outstanding balance as of June 30, 2019 is $11,356 and is recorded in the Housing and Community Development Block Grant Capital Projects Fund.
55

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 3. LOANS AND NOTES RECEIVABLE (continued) 
B. Chapel Lane Senior Housing Project 
The project includes 38 one and two-bedroom units for senior low- and very low-income households.  The project has commercial space dedicated to the Housing Authority of the City of San Buenaventura for Section 8 office use.  The loan was funded by City General Funds $607,500 and Community Development Block Grant funds $50,000. The maximum term of the loan is 45 years with interest at 3% per annum. The loan is recorded in both the General Fund with an outstanding balance as of June 30, 2019 of $769,070 and in the Housing and Community Development Block Grant Fund with an outstanding balance as of June 30, 2019 of $60,497.
C. Turning Point Foundation Housing Projects 
Community Development Block Grant (CDBG) funded loan $104,000, at 0% interest, for site acquisition for the development of a 10-unit Transitional housing facility in the Westside to serve up to 15 disabled veterans per year.  As long as there is no default under the terms of the Loan documents, the entire principal amount shall be forgiven in full on the fifth anniversary of the date of the Note, which is on the fifth year from the date of issuance of the certificate of occupancy.  The certificate of occupancy was issued August 18, 2015.  The loan is recorded in the Housing and Community Development Block Grant Fund. As of June 30, 2019 the terms of the loan have been met and the loan has been forgiven.
HOME funds were disbursed to Turning Point Foundation for a renovation loan of $283,149 for the Vince Street Transitional Housing facility. This loan has 0% interest and as long as there is no default under the terms of the loan documents, the entire principal amount shall be forgiven in full on the 15th anniversary of the date of the loan.    The loan is recorded in the Housing and Community Development Block Grant Fund.
In June 2017, the City approved a Community Development Block Grant loan of $20,154 to Turning Point Foundation for the renovation of their Our Place Shelter building that assists the homeless and mentally ill by providing temporary housing, needs assessment, and case management services.  In FY2018/19, the City approved an additional loan of $208,609, bringing the total outstanding loan balance as of June 30, 2019 to $228,763.  This loan does not bear any interest and as long as there is no default under the Loan Agreement terms, there shall be no payment due and all amounts due and owing shall be forgiven in full by the City five years after completion of the project as defined in the Loan Agreement.  This loan is reported in the Housing and Community Development Block Grant Fund.
D. Business Assistance Program 
There are four components contained within this program: Micro Loan, Code Compliance Assistance, Commercial Rehabilitation Assistance and Economic Development Loan. There are various maximum amounts, interest rates and terms for the four components. All loan programs with new construction or rehabilitation work must adhere to adopted Design Guidelines and Design Review Requirement where applicable.
The basic information for each component of the Business Assistance Program is outlined below:
Micro Loan Program - The primary goal of this program is to create jobs and support the growth and success of small businesses in Ventura.  This is a flexible loan program designed for existing and new small businessess.  The maximum amount allowable for each loan is $50,000.  The interest rate will be fixed at the cost of City funds plus two points.  The maximum term for each loan is not to exceed 10 years.  Outstanding loan balance at June 30, 2019 amounted to $453,614.  These loans are reported under the Housing and Community Development Block Grant Capital Project Fund.
Code Compliance Assistance Program - The Code Compliance Assistance Program is to support businesses with building code compliance requirements on existing commercial properties.  The program is designed to encourage code compliance and public safety in conjunction with Inspection Services.  The maximum loan amount is $25,000.  The interest rate is fixed at the cost of City funds plus two points.  The maximum term of the original loan is not to exceed 10 years.  Outstanding loan balance at June 30, 2019 amounted to $109,540 reported in the General Fund.
56

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 3. LOANS AND NOTES RECEIVABLE (continued) 
D. Business Assistance Program (continued) 
Commercial Rehabilitation Loan Program - The Commercial Rehabilitation Assistance Program is designed to encourage revitalization and renovation of older commercial districts while promoting physical enhancement of commercial property. The program goal is to foster business growth or retention through improving the physical appearance of qualified buildings. Qualified property owner and businesses may be eligible to receive below market rate loans for facade, construction, or building renovation. The maximum loan amount is $50,000.  The interest rate is fixed at the cost of City funds plus two points.  The maximum term of the original loan is not to exceed 10 years.  Outstanding loan balance at June 30, 2019 amounted to $281,915 reported in the General Fund. 
Economic Development Loan Program – The Economic Development Loan program is designed to encourage and facilitate business growth in Ventura.  The growth will increase sales tax revenues for the City and will fund City operations and benefit the Ventura community.  Outstanding loan balance at June 30, 2019 amounted to $924,899 for four loans reported in the General Fund.
E. City Employee Home Assistance Program 
The City Council established a mortgage assistance program as an important tool to enable key officials and other employees to live in the City.  It was intended to aid the City to recruit highly qualified employees and assist them through mortgage assistance in the purchase of a new home in the City.  The City is not providing new mortgage assistance loans at this time. Loans are reported in the Employee Benefits Fund.
The loans are secured by a deed of trust on the properties. All loans have been repaid. The following table summarizes the loan activity:

Date
Issued
Original
Amount
of Loan
Term of
Loan
Balance
 July 1, 2018
Additions
Deletions
Balance
 June 30, 2019

2009
$97,500
*
$97,500
$-
$(97,500)
$-

Total
$97,500
$-
$(97,500)
$-

F. Successor Housing Agency 
The former Redevelopment Agency used its Low Mod Set Aside funds for affordable housing loans and assistance for various programs. In 2011, after the demise of redevelopment agencies, the City accepted the role of Successor Housing Agency and all affordable housing related assets including loans were transferred from the Low Mod Fund to the Successor Housing Agency fund.  The programs are listed below:
Homebuyer Assistance Program  
Former Redevelopment Agency Low- to Moderate Income Housing Funds were used as HOME Match for down payment assistance loans for qualified persons from low to moderate-income households. The maximum term is 45 years with interest being charged in the forms of equity sharing equal to 50 percent of the value of the original loan. All interest shall be forgiven provided that the participating owner occupies the property continuously for 45 years.  The outstanding loan balance due as of June 30, 2019 was $22,600.
57

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 3. LOANS AND NOTES RECEIVABLE (continued) 
F. Successor Housing Agency (continued) 
Working Artists of Ventura  
Proceeds from a CalHFA HELP loan were the source of a loan of $1.5 millions to the Working Artists Ventura (WAV) Apartment Partners. The loan has 3% simple interest for a term of 30 years (annual payments of $77,598 commencing May 1, 2010).  Outstanding loan balance as of June 30, 2019  is $1,275,735.
G. Affordable Housing Development 
During fiscal year 2008, the City entered into an Impact Fee Deferral Loan Agreement for $1,581,858 in planning and permitting fees for the Working Artists Ventura (WAV Project.)  A separate promissory note and deed of trust were executed with WAV Apartment Partners for the affordable apartment units restricted to low and very low income households in the amount of $1,311,165 and with WAV Condominiums LLC for the market-rate condominium units in the amount of $270,693. The condominium component has been paid in full. The apartment component deferred fees are payable through April 1, 2064 in annual principal and interest installments of $48,971, and has an outstanding loan balance as of June 30, 2019 of $1,157,012 and is reported under various funds.
Soho Associates LP - The City entered into a loan agreement on May 1, 2012 to loan $450,000 of HOME funds disbursed over three fiscal years (2009-10 $350,000; 2010-11 $50,000; and, 2011-12 $50,000) for the acquisition and development of an affordable housing project.  The loan is secured by a deed of trust and bears simple interest at 3% commencing on the date of the initial disbursement.  The term expires 55 years from the date of recordation of the affordability covenant against the property.  Payments are due on May 1st of each year with payment of the outstanding principal and accrued interest equal to the City’s pro-rata share of residual receipts with any remaining balance due at the end of the term. The outstanding balance as of June 30, 2019 is $584,795 and is reported in the Housing and Community Development Block Grant Capital Project Fund.
The former Redevelopment Agency entered into a loan agreement on May 1, 2010 to loan $550,000 of its Low- and Moderate-Income Housing Set Aside Funds to this limited partnership to assist with the acquisition and development of this affordable housing project located outside the Downtown’s Redevelopment Project Area.  The loan was disbursed over three fiscal years (2009-10 $406,000; 2010-11 $72,000; and, 2011-12 $72,000). The loan is secured by a deed of trust bearing simple interest at 3% commencing on the date of the initial disbursement.  The term expires 55 years after the date of recordation of the affordability covenant against the property.  Payments are due on May 1st of each year with payment of the outstanding principal and accrued interest equal to the City’s pro-rata share of residual receipts with any remaining balance due at the end of the term. Outstanding balance as of June 30, 2019 is $714,177 and is reported in the Successor Housing Agency Special Revenue Fund. However, since the former RDA loan was used as "matching funds" for the HOME program, any payments received are to be considered Program Income in the Housing and Community Development Block Grant Fund.
El Patio LP - The City entered into a loan agreement on December 17, 2009 to loan $408,000 in HOME CHDO funds to this limited partnership to assist with the rehabilitation of an existing property.  The loan is secured by a deed of trust and bears simple interest at 3% commencing on the date of the initial disbursement.  The term expires 55 years from the date of recordation of the affordability covenant against the property.  Payments are due on September 30th of each year with payment of the outstanding principal and accrued interest equal to the City’s pro-rata share of residual receipts with any remaining balance due at the end of the term. The outstanding balance as of June 30, 2019 is $469,292 and is reported in the Housing and Community Development Block Grant Fund. 
The former Redevelopment Agency entered into a loan agreement on December 17, 2009 to loan $392,000 of its Low- and Moderate-Income Housing Set Aside Funds to this limited partnership to assist with the rehabilitation of existing property for an affordable housing project located within the Downtown’s Redevelopment Project Area.  The loan was disbursed over four fiscal years (2009-10 $306,400; 2010-11 $28,550; 2011-12 $28,550; and 2012-13 $28,500). The loan is secured by a deed of trust bearing simple interest at 3% commencing on the date of the initial disbursement.  The term expires 55 years after the date of recordation of the affordability covenant against the property.  Payments are due on September 30th of each year with payment of the outstanding principal and accrued interest equal to the City’s pro-rata share of residual receipts with any remaining balance due at the end of the term.
58

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 3. LOANS AND NOTES RECEIVABLE (continued) 
G. Affordable Housing Development (continued) 
The outstanding balance as of June 30, 2019 is $439,897 and is reported in the Successor Housing Agency Special Revenue Fund. However, since the former RDA loan was used as "matching funds" for the HOME program, any payments received are to be considered Program Income in the Housing and Community Development Block Grant Fund.
Azahar Place Associates LP (CEDC) - The City entered into a loan agreement on February 16, 2010 to loan $1,300,000 in HOME funds to this limited partnership to assist with the acquisition and development of an affordable housing project.  Financial assistance is in the form of two loans: 1) $900,000 for acquisition and 2) $400,000 development/construction. The loans are each secured by a deed of trust and each bears simple interest at 3% commencing on the date of the initial disbursement.  The loans were disbursed over three fiscal years (2009-10 $900,000; 2010-11 $200,000; and, 2011-12 $200,000). The term expires 55 years after completion of construction.  Payments are due on September 30th of each year with payment of the outstanding principal and accrued interest equal to the City’s pro-rata share of residual receipts with any remaining balance due at the end of the term. The outstanding balance as of June 30, 2019 is $1,691,024 and is reported in the Housing and Community Development Block Grant Fund.
The former Redevelopment Agency entered into an Owner Participation Agreement on February 16, 2010 to loan $1,700,000 of its Low- and Moderate-Income Housing Set Aside Funds to this limited partnership to assist with the acquisition and development of an affordable housing project located outside the Downtown’s Redevelopment Project Area.  The financial assistance is in the form of two loans: 1) $1,100,000 for acquisition and 2) $600,000. The loans were disbursed over three fiscal years (2009-10 $1,100,000; 2010-11 $300,000; and, 2011-12 $300,000). The loans are each secured by a deed of trust and each bears simple interest at 3% commencing on the date of the initial disbursement.  The term expires 55 years after the date of recordation of the affordability covenant against the property.  Payments are due on September 30th of each year with payment of the outstanding principal and accrued interest equal to the City’s pro-rata share of residual receipts with any remaining balance due at the end of the term. The outstanding balance as of June 30, 2019 is $2,149,154 and is reported in the Successor Housing Agency Special Revenue Fund. However, since the former RDA loan was used as "matching funds" for the HOME program, any payments received are to be considered Program Income in the Housing and Community Development Block Grant Fund.
Snapdragon Apartments Affordable Housing
HOME funds were disbursed to Cabrillo Economic Development Corporation for the acquisition of property to construct a 22-unit rental multi-family development on the East End of Ventura in the amount of $450,000. This loan has 0% interest and as long as there is no default under the terms of the loan documents, the entire principal amount shall be forgiven in full on the 20th anniversary of the completion of the project.    The loan is recorded in the Housing and Community Development Block Grant Fund.
Housing Authority of the City of San Buenaventura – Distressed Properties
The City loaned the Housing Authority $465,000 of HOME funds under separate loan agreements for the purchase and rehabilitation of three properties for the City’s affordable housing stock.
These loans do not bear any interest and as long as there is no default under the Loan Agreement terms, there shall be no payment due and all amounts due and owing shall be forgiven in full by the City upon the expiration of the 15-year term.  These loans are reported in the Housing and Community Development Block Grant Fund.
59

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 3. LOANS AND NOTES RECEIVABLE (continued) 
G. Affordable Housing Development (continued) 
Housing Authority of the City of San Buenaventura – Johnson Gardens (Ventura Housing Authority)
The City loaned the Housing Authority $300,000 of HOME funds in February 2016 for permanent financing of their Johnson Gardens Project consisting of affordable rental units for seniors and persons with disabilities. 

This loan does not bear any interest and as long as there is no default under the Loan Agreement terms, there shall be no payment due and all amounts due and owing shall be forgiven in full by the City upon the expiration of the 17-year term.  This loan is reported in the Housing and Community Development Block Grant Fund. 
Homebuyer Assistance Program (City)
These down-payment assistance loans are funded with a variety of funding sources.  The maximum term of the loan is 45 years with interest being charged in the form of equity sharing equal to 50% of the value of the original loan. Provided that the participating owner occupies the property continuously for 45 years, all interest shall be forgiven.  These loans are reported in the Housing and Community Development Block Grant Fund.  Outstanding loan balance as of June 30, 2019 is $1,051,230
Housing Preservation Program
The Housing Preservation Program (HPP) funds low interest loans to qualifying low and moderate-income households to rehabilitate single-family owner-occupied properties. The loan term ranges from 15 to 45 years depending on initial funding date. These loans are reported in the General Fund and in the Housing and Community Development Block Grant Fund. Outstanding loan balance as of June 30, 2019 is $861,217
CEDC Los Angeles Apartments
The City entered into a loan agreement in December 2013 for $300,000 of Community Development Block Grant funds to Cabrillo Economic Development Corporation (CEDC) for the purchase of property and construction of a housing project consisting of forty-nine (49) affordable rental units and one (1) manager’s unit.  The term of the loan is five years and bears no interest unless there is a default.  So long as the borrower fulfills the terms of the loan agreement and continues to operate the affordable housing development, all amounts due and owing shall be forgiven in full by the City at the end of the agreement term. As of June 30, 2019 the terms of the loan have been met and the loan has been forgiven.

The Villages at Westview

In June 2019, the City entered into a $300,000 loan agreement with the Housing Authority of San Buenaventura, for Phase I of the Westview Village project.  The entire project is to reconstruct a 180-unit housing community into 320 new units.  Phase I will demolish 72 existing units, to be replaced with 131 new units.  The duration of the loan is 55 years.  The loan does not bear interest nor does it require principal payments, providing there is no default in the terms of the Agreement.  If all the terms of the agreement are met, on the 55th anniversary the loan shall be forgiven.
Due to the nature of some Loans and Notes Receivable as long-term and/or forgivable, an allowance for uncollectible accounts has been established to offset the balances.
60

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 4. INTERFUND TRANSACTIONS 
Fund Financial Statements 
Advances to/from other Funds
As of June 30, 2019, balances Advanced to/from other Funds are as follows:


Advance from other funds

Advance to other Funds
General Fund
Other Governmental Funds
Total

Other Governmental Funds
$1,020,409
$-
$1,020,409

Other Governmental Funds
The advance from the General Fund to the Downtown Parking District ($1,020,409) was to pay for a lawsuit settlement with Multi-Cinema, LLC.

Due to /from other Funds
As of June 30, 2019, balances of due to/from other funds are as follows:


Due from other funds

Due to other Funds
General Fund
Other Governmental Funds
Total

Other Governmental Funds
$511,203
$235,667
$746,870

General Fund  
Amount due to Other Governmental Funds represents monies due to the Successor Housing Agency from the Housing and Community Block Grant Fund in accordance with AB 1484 Community Redevelopment law.
Other Governmental Funds  
The General Fund made short-term loans to the General & Categorical Grants and Successor Housing Agency Funds to eliminate negative cash balances. 
Transfers  
Transfers for the year ended June 30, 2019 were as follows:


Transfers In

General Fund
Other Governmental Funds
Wastewater
Water
Internal Service Funds
Total
Transfers Out
General Fund
$-
$3,170,837
$-
$70,076
$21,475
$3,262,389
Other Governmental Funds
168,672
69,624
-
-
-
238,296
Wastewater
466,419
32,200
-
4,924,544
-
5,423,163
Water
897,475
80,300
-
-
-
977,775
61

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 4. INTERFUND TRANSACTIONS (continued) 
Fund Financial Statements (continued) 
Transfers (continued)  

Transfers In

General Fund
Other Governmental Funds
Wastewater
Water
Internal Service Funds
Total
Internal Service Funds
-
-
-
-
55,151
55,151
Totals
$1,532,566
$3,352,961
$-
$4,994,620
$76,626
$9,956,774
62

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 4. INTERFUND TRANSACTIONS (continued) 
Fund Financial Statements (continued) 
Transfers (continued)  
The transfers were for the following purposes:



General Fund Transfers out:
Certificates of Participation Debt Obligation

$2,697,827

For payment of the annual debt service requirements.
Water
70,076
For Thomas Fire Subsidy
Parks and Recreation
5,000
For reimbursement of expenditures for improvement projects
Other Governmental Funds
5,982
For Disallowed Sr Nutrition Expenditures 
Internal Service Funds
483,504
Additional funding to Facilities Maintenance for Electric Vehicle Chargers and St Lighting Dist No 36 assessments for City Parcels
$3,262,389



Other Governmental Funds Transfers out:
Other Governmental Funds Transfers out:
General Fund
$168,672
City overhead expenses for Maintenance Assessment Districts
Public Art
55,907
Funding for future Art Projects
Gas Tax
13,717
Funding for Five Points Project
$238,296



Wastewater Transfers out:
Wastewater Transfers out:
General Fund
$466,419
Ventura Water Utility right-of-way payment, pavement obligation. 
Other Governmental Funds
32,200
Reimbursement for Street Resurfacing
Water
4,924,544
Reimbursement of Ventura Water Administration and Billing Services and funding of Future CIP Water Projects
$5,423,163



Water Transfers out:
General Fund
$897,475
Ventura Water Utility right-of-way payment, pavement 
Other Governmental Funds
80,300
Reimbursement for Street Resurfacing
$977,775



Internal Service Funds transfers out:
Internal Service Funds transfers out:
Internal Service Funds
$55,151
For use of and replacement funding for Warehouse
63

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 5. CAPITAL ASSETS 

Governmental Activities
The following is a summary of changes in capital assets for governmental activities:

Balance
 July 1, 2018
Additions
Deletions
Balance
 June 30, 2019
Governmental Activities:
Capital assets, not being depreciated:
Land
$22,117,066
$642,442
$-
$22,759,508
Construction in progress
7,449,513
5,790,337
(4,952,420)
8,287,430
Total capital assets, not being depreciated
29,566,579
6,432,779
(4,952,420)
31,046,938
Capital assets, being depreciated:
Building and improvements
83,207,631
545,912
-
83,753,543
Improvements other than buildings
35,429,142
1,255,536
-
36,684,678
Machinery and equipment
70,102,550
4,088,048
(1,091,708)
73,098,890
Infrastructure
124,377,536
2,567,819
-
126,945,355
Total capital assets, being depreciated
313,116,859
8,457,315
(1,091,708)
320,482,466
Less accumulated depreciation for:
Accum Depr building & improvements
(40,131,038)
(2,064,132)
-
(42,195,170)
Accum Depr Improvements other than Build
(18,869,459)
(1,408,464)
-
(20,277,923)
Accum Depr Machinery and equipment
(45,769,254)
(3,051,722)
991,591
(47,829,385)
Accum Depr Infrastructure
(86,112,274)
(3,251,950)
-
(89,364,224)
Total accumulated depreciation
(190,882,025)
(9,776,268)
991,591
(199,666,702)
Total capital assets, being depreciated, net
122,234,834
(1,318,953)
(100,117)
120,815,764
Total governmental activities
$151,801,413
$5,113,826
$(5,052,537)
$151,862,702



Projects


In Progress
Completed

Construction in Progress

Buildings and improvements
$950,518
$-

Improvements other than buildings
242,734
-

Machinery and equipment
2,614,828
(3,072,057)

Infrastructure
1,982,257
(1,880,363)

Total
$5,790,337
$(4,952,420)

Depreciation expense in governmental activities for capital assets for the year ended June 30, 2019, is composed of the following:




General Government
$583,460

Finance and Technology
117,050

Community Development
176,105

Parks, Recreation and Community Partnerships
2,403,807

Public Safety
674,186

Public Works
4,641,738

Internal Service Fund depreciation charged to functions
1,179,922

Total depreciation expense
$9,776,268

63

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 5. CAPITAL ASSETS (continued) 
Business-type Activities

The following is a summary of changes in capital assets for business-type activities:


Balance
 July 1, 2018
Additions
Deletions
Balance
 June 30, 2019
Business-Type Activities:
Capital assets, not being depreciated:
Land
$497,497
$-
$-
$497,497
Water rights
1,221,838
-
-
1,221,838
Construction in progress
7,330,229
12,664,539
(1,113,797)
18,880,971
Total capital assets, not being depreciated
9,049,564
12,664,539
(1,113,797)
20,600,306
Capital assets, being depreciated:
Building and improvements
132,415,197
592,999
-
133,008,196
Improvements other than buildings
53,768,745
3,995
-
53,772,740
Machinery and equipment
145,822,781
38,378
(5,523)
145,855,636
Infrastructure
6,996,019
771,064
-
7,767,083
Total capital assets, being depreciated
339,002,742
1,406,436
(5,523)
340,403,655
Less accumulated depreciation for:
Accum Depr building & improvements
(43,506,390)
(4,590,202)
-
(48,096,592)
Accum Depr Improvements other than Build
(35,033,055)
(945,036)
-
(35,978,091)
Accum Depr Machinery and equipment
(75,851,672)
(3,908,710)
3,639
(79,756,743)
Accum Depr Infrastructure
(1,266,272)
(271,625)
-
(1,537,897)
Total accumulated depreciation
(155,657,389)
(9,715,573)
3,639
(165,369,323)
Total capital assets, being depreciated, net
183,345,353
(8,309,137)
(1,884)
175,034,332
Total business-type activities
$192,394,917
$4,355,402
$(1,115,681)
$195,634,638



Projects


In Progress
Completed

Construction in Progress

Buildings and improvements
$2,907,620
$(589,635)

Improvements other than buildings
360,417
-

Machinery and equipment
5,312,006
-

Infrastructure
4,084,496
(524,162)

Total
$12,664,539
$(1,113,797)

Depreciation expense in business-type activities for capital assets for the year ended June 30, 2019, is composed of the following:




Wastewater
$(4,207,781)

Water
(5,507,792)

Total depreciation expense
$9,715,573
64

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 6. STATE WATER PROJECT 

In 1963, the Ventura County Flood Control District (VCFCD) contracted with the California Department of Water Resources (DWR) for delivery of up to 20,000 acre-feet of State Water Project water (State Water).  In 1970, VCFCD assigned the entitlement to Casitas Municipal Water District which in turn assigned 5,000 acre-feet to the United Water Conservation District (UWCD) and 10,000 acre-feet to the City. Since the assignment, the City has made contractually obligated payments to DWR on an annual basis to maintain the right to utilize its allocation. The current agreement runs through June 30, 2035, and it is anticipated that it will be renewed and the contract will be extended.
The costs for State Water include DWR fixed charges regardless of the amount of water delivered and DWR variable charges associated with the delivery of water.  The City does not have the infrastructure to receive and deliver State Water to its existing water system at this time and therefore most of the costs attributed to State Water costs are associated with operation and maintenance (DWR fixed costs) and the City elected to expense these costs. The total cost for the year ended June 30, 2019 was $1,591,390.
Future estimated expenses are as follows:

Year ending June 30
Estimated Expenses

2020
$2,110,000

2021
$2,074,000

2022
$2,114,155

NOTE 7. LONG-TERM LIABILITIES 
A .Governmental Activities Long-Term Liabilities 
The Summary of Changes in Long-Term Liabilities and other noncurrent liabilities for Governmental Activities for the year ended June 30, 2019, is as follows:  





Classification

Balance 
July 1, 2018
Additions
Deletions
Balance
 June 30, 2019
Amounts Due Within One Year
Amounts Due in More than One Year
Governmental activities:
 Other Debt:
Certificates of Participation-2007 Series E
$7,330,000
$-
$(255,000)
$7,075,000
$265,000
$6,810,000
Certificates of Participation-2010 Series F
4,435,000
-
(570,000)
3,865,000
595,000
3,270,000
Refunding LRB-2012 Series A
16,450,000
-
-
16,450,000
385,000
16,065,000
Refunding LRB-2012 Series B
920,000
-
(645,000)
275,000
275,000
-
Unamortized bond premium
1,226,976
-
(87,641)
1,139,335
-
1,139,335
Unamortized bond discount
(37,447)
-
4,730
(32,717)
-
(32,717)
Direct Borrowing:
California Energy Commission 2004 Loan
35,103
-
(17,209)
17,894
17,894
-
Subtotal long-term debt
30,359,632
-
(1,570,120)
28,789,512
1,537,894
27,251,618
Other noncurrent liabilities:
Claims and judgements payable 
16,326,628
7,324,500
(2,863,782)
20,787,346
2,801,199
17,986,147
Compensated absences payable
6,388,281
3,624,835
(3,405,164)
6,607,952
710,459
5,897,492
Subtotal Other noncurrent liabilities
22,714,909
10,949,335
(6,268,946)
27,395,298
3,511,658
23,883,639
Total governmental activities
$53,074,541
$10,949,335
$(7,839,066)
$56,184,810
$5,049,552
$51,135,257
65

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 7. LONG-TERM LIABILITIES (continued) 
A .Governmental Activities Long-Term Liabilities (continued) 
Certificates of Participation - 2007 Series E  
On December 1, 2007, the City issued $11,420,000 in Certificates of Participation, Series E with an average interest rate ranging from 3% to 4.5% to provide for the advance refunding of the $7,090,000 City of Ventura Public Facilities Financing Authority 1995 Refunding Lease Revenue Bonds, finance the acquisition of unencumbered fee title to a public parking structure, finance certain public park improvements, fund the Reserve Fund, and pay certain costs incurred in connection with the execution and delivery of the Certificates. Reserve requirements for this issuance is $596,700.  The Certificates are secured by a Surety bond with the Police & Fire Department Headquarters serving as collateral. The Certificates were executed and delivered by and among the Bank of New York Trust Company, N.A. as Trustee. Principal is paid once a year on June 1, and interest paid semi-annually on December 1 and June 1 of each year. The annual debt service requirements for the Certificates of Participation, Series E outstanding at June 30, 2019 were as follows:


Year Ending
June 30
Principal
Interest
Total

2020
$265,000
$328,431
$593,431

2021
270,000
317,500
587,500

2022
285,000
306,025
591,025

2023
295,000
293,556
588,556

2024
310,000
280,650
590,650

2025-2029
1,785,000
1,176,900
2,961,900

2030-2034
2,245,000
713,925
2,958,925

2035-2037
1,620,000
156,275
1,776,275

Total
$7,075,000
$3,573,262
$10,648,262
Certificates of Participation - 2010 Series F  
On July 28, 2010, the City issued $20,615,000 in Certificates of Participation, Series F with interest rates ranging from 2% to 4.75% to provide for the advance refunding and defeasance of a portion of the $2,925,000 2001 Refunding Certificates of Participation, Series A; a portion of the $19,765,000 2002 Refunding Certificates of Participation, Series B; a portion of the $16,345,000 Certificates of Participation, Series C; and a portion of the $15,930,000 2002 Certificates of Participation, Series D; finance certain public golf course improvements; acquire a reserve fund surety policy; and pay certain costs incurred in connection with the execution and delivery of the Certificates.  These Certificates have a reserve requirement of $1,442,751. These Certificates are secured by the Corporate Yard and Arroyo Verde Park properties. Principal is paid once a year on July 1 and interest paid semi-annually on July 1 and January 1 of each year.
The annual debt service requirements for the Certificates of Participation, 2010 Series F outstanding at June 30, 2019 were as follows:

Year Ending
June 30
Principal
Interest
Total

2020
$595,000
$147,463
$742,463

2021
620,000
123,163
743,163

2022
645,000
97,862
742,862

2023
670,000
71,563
741,563

2024
700,000
44,162
744,162

2025-2029
-
150,813
150,813

2030-2033
635,000
105,569
740,569

Total
$3,865,000
$740,595
$4,605,595
66

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 7. LONG-TERM LIABILITIES (continued) 
A .Governmental Activities Long-Term Liabilities (continued) 
Refunding Lease Revenue Bonds - 2012 Series A  
On May 15, 2012, the City issued $16,450,000 in Refunding Lease Revenue Bonds, Series 2012 A with interest rates ranging from 2.375% to 5.0% to provide for the advance refunding and defeasance of the remaining 2001 Certificates of Participation, Series C; provide for the advance refunding and defeasance of the remaining 2002 Certificates of Participation, Series D; and pay certain costs incurred in connection with the execution and delivery of the Bonds. Principal is paid on February 1 and interest paid semi-annually on August 1 and February 1 of each year.
The annual debt service requirements for the Refunding Lease Revenue Bonds, 2012 Series A outstanding at
 June 30, 2019 were as follows:


Year Ending
June 30
Principal
Interest
Total

2020
$385,000
$680,469
$1,065,469

2021
680,000
671,325
1,351,325

2022
695,000
650,925
1,345,925

2023
715,000
631,812
1,346,812

2024
740,000
612,150
1,352,150

2025-2029
8,355,000
2,155,000
10,510,000

2030-2033
4,880,000
353,600
5,233,600

Total
$16,450,000
$5,755,281
$22,205,281

Refunding Lease Revenue Bond - 2012 Series B  
On May 15, 2012, the City issued $1,365,000 in Taxable Refunding Lease Revenue Bonds, 2012 Series B with an interest rate of 2.75% to provide for the refunding of a portion of the July 1, 2012 Certificates of Participation, 2010 Series F; and pay certain costs incurred in connection with the execution and delivery of the Certificates. The Certificates were executed and delivered by and among the Bank of New York Trust Company, N.A. as Trustee.  Principal is paid once a year on February 1 and interest paid semi-annually on August 1 and February 1.
The annual debt service requirements for the Refunding Lease Revenue Bond, 2012 Series B outstanding at
 June 30, 2019 were as follows:


Year Ending
June 30
Principal
Interest
Total

2020
$275,000
$7,562
$282,562

Total
$275,000
$7,562
$282,562

Reserve requirements for the 2012 Series A and Series B bonds is $1,645,000 and $136,000 respectively and are both secured by the Ventura Park and Olivas and Buenaventura Golf Courses.
67

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 7. LONG-TERM LIABILITIES (continued) 
A .Governmental Activities Long-Term Liabilities (continued) 
 California Energy Commission - 2004 Loan  
On August 5, 2005, a low-interest loan was received from the California Energy Commission to install solar panels at the City’s Sanjon Yard facility to reduce energy use. The loan has an interest rate of 3.95% and a 15-year repayment schedule with 30 equal semi-annual payments of $9,214.
The annual debt service requirements for this loan at June 30, 2019, are as follows:


Year Ending
June 30
Principal
Interest
Total

2020
$17,894
$533
$18,427

Total
$17,894
$533
$18,427

  
B. Long-Term Debt of Business-Type Activities  





Classification

Balance
 July 1, 2018
Additions
Deletions
Balance
 June 30, 2019
Amounts
Due Within
One Year
Amounts
Due in More
than One Year
Business-type activities:
  Other Debt:
Wastewater Revenue Refunding, 2012
$14,790,000
$-
$(685,000)
$14,105,000
$710,000
$13,395,000
Wastewater Revenue, 2014
22,315,000
-
(145,000)
22,170,000
150,000
22,020,000
Plus Unamortized:
Bond premium
3,416,129
-
(164,305)
3,251,824
-
3,251,824
Wastewater Revenue 2012 and 2014, net
40,521,129
-
(994,305)
39,526,824
860,000
38,666,824
Water Revenue Refunding, 2012
41,095,000
-
(910,000)
40,185,000
930,000
39,255,000
Water Revenue, 2014
16,645,000
-
-
16,645,000
-
16,645,000
Plus Unamortized
Bond premium
4,699,877
-
(190,500)
4,509,377
-
4,509,377
Water Revenue 2012 and 2014, net
62,439,877
-
(1,100,500)
61,339,377
930,000
60,409,377
Direct Borrowing:
Safe Drinking Water Loan
10,684,080
-
(1,014,497)
9,669,583
1,038,887
8,630,696
Total business-type activities
$113,645,086
$-
$(3,109,302)
$110,535,784
$2,828,887
$107,706,897
68

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 7. LONG-TERM LIABILITIES (continued) 
B. Long-Term Debt of Business-Type Activities  (continued) 
 Wastewater Revenue Refunding 2012, Series A and B  
The City issued Wastewater Revenue Refunding Bonds in 2012, Series A and Series B in the amount of $2,560,000 and $15,915,000, respectively. The taxable bonds were issued to provide funds to advance refund all of the outstanding City of San Buenaventura 2004 Wastewater Revenue Certificates of Participation, and to pay costs incurred in connection with the issuance of the bonds. The Series A bonds have been paid in full.  The Series B bonds are due in annual principal installments of $710,000 to $1,235,000 through 2034. Interest rates range from 0.97% to 5% and is payable semi-annually on January 1 and July 1. The total amount outstanding as of June 30, 2019, was $14,105,000.
The Wastewater Revenue Refunding Bonds are secured by an irrevocable pledge of wastewater net revenue, which totaled $6,659,389 for the current year. The principal and interest remaining on the bonds is $20,722,250 payable through fiscal year 2034. 
Total Wastewater Revenue Refunding Bonds outstanding as of June 30, 2019, net of Unamortized bond premium were as follows:


Series B, Principal outstanding at June 30, 2019
$14,105,000
Add Unamortized bond premium
1,090,719
Net Bonds outstanding at June 30, 2019
$15,195,719

The annual debt service requirements for the Wastewater Revenue Refunding Bonds, 2012 Series B outstanding at June 30, 2019, were as follows:

Year Ending
June 30
Principal
Interest
Total

2020
$710,000
$582,650
$1,292,650

2021
740,000
554,250
1,294,250

2022
775,000
524,650
1,299,650

2023
805,000
493,650
1,298,650

2024
4,480,000
1,987,950
6,467,950

2025-2029
5,360,000
1,117,300
6,477,300

2030-2034
1,235,000
61,750
1,296,750

Total Series B
$14,105,000
$5,322,200
$19,427,200

69

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 7. LONG-TERM LIABILITIES (continued) 
B. Long-Term Debt of Business-Type Activities  (continued) 
 Wastewater Revenue Bonds 2014, Series C  
The City issued Wastewater Revenue Bonds 2014, Series C in the amount of $22,730,000. The Series C bonds were issued to provide funds to acquire and construct certain improvements for the City’s wastewater system, and to pay costs incurred in connection with the issuance of the bonds. The Bonds are due in annual principal installments of $150,000 to $2,385,000 through 2044. Term bonds of $8.5 million and $10.84 million are due in 2039 and 2044, respectively. Interest rates range from 2% to 5% and is payable semi-annually on January 1 and July 1. The total amount outstanding as of June 30, 2019 , was $22,170,000.
The Wastewater Revenue Bonds are secured by an irrevocable pledge of wastewater net revenue, which totaled $6,659,389 for the current year. The principal and interest remaining on the bond is $43,194,288, payable through fiscal year 2044. 
Total Wastewater Revenue Bonds outstanding as of June 30, 2019, net of Unamortized bond premium were as follows:


Series C, Principal outstanding at June 30, 2019
$22,170,000
Add Unamortized bond premium
2,161,105
Net Bonds outstanding at June 30, 2019
$24,331,105

The annual debt service requirements for the Wastewater Revenue Bonds, 2014 Series C outstanding at June 30, 2019, were as follows:

Year Ending
June 30
Principal
Interest
Total

2020
$150,000
$1,060,625
$1,210,625

2021
155,000
1,056,125
1,211,125

2022
155,000
1,051,475
1,206,475

2023
160,000
1,046,825
1,206,825

2024
920,000
5,142,075
6,062,075

2025-2029
1,055,000
4,986,688
6,041,688

2030-2034
6,865,000
4,365,975
11,230,975

2035-2039
10,325,000
2,195,250
12,520,250

2040-2044
2,385,000
119,250
2,504,250

Total
$22,170,000
$21,024,288
$43,194,288

Water Revenue Refunding, 2012 Series A and B  
The City issued Water Revenue Bonds 2012 Series A and Series B in the amount of $11,095,000 and $34,355,000, respectively. The taxable bonds were issued to provide funds to advance refund all of the outstanding City of San Buenaventura 2004 Water Revenue Certificates of Participation, to acquire and construct certain improvements for the City’s Water System, and to pay costs incurred in connection with the issuance of the bonds. The Bonds are due in annual principal installments of $930,000 to $2,825,000 through 2042. Interest rates range from 0.4% to 5% and is payable semi-annually on January 1 and July 1. The total amount outstanding as of June 30, 2019, was $40,185,000.
Total Water Revenue Refunding Bonds outstanding as of June 30, 2019, net of Unamortized bond premium and deferral on refunding were as follows:
70

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 7. LONG-TERM LIABILITIES (continued) 
B. Long-Term Debt of Business-Type Activities  (continued) 
Water Revenue Refunding, 2012 Series A and B (continued)  


Series A, Principal outstanding at June 30, 2019
$5,830,000
Series B, Principal outstanding at June 30, 2019
34,355,000
Add Unamortized bond premium
3,159,954
Net Bonds outstanding at June 30, 2019
$43,344,954

The annual debt service requirements for the Water Revenue Bonds, 2012 Series A outstanding at June 30, 2019, were as follows:

Year Ending
 June 30
Principal
Interest
Total

2020
$930,000
$160,308
$1,090,308

2021
945,000
136,343
1,081,343

2022
970,000
109,424
1,079,424

2023
1,000,000
80,011
1,080,011

2024
1,040,000
47,759
1,087,759

2025
945,000
15,403
960,403

Total
$5,830,000
$549,248
$6,379,248

The annual debt service requirements for the Water Revenue Refunding Bonds, 2012 Series B outstanding at June 30, 2019, were as follows:


Year Ending
June 30
Principal
Interest
Total

2020
$-
$1,614,806
$1,614,806

2021
-
1,614,806
1,614,806

2022
-
1,614,806
1,614,806

2023
-
1,614,806
1,614,806

2024
-
1,614,806
1,614,806

2025-2029
5,075,000
7,667,956
12,742,956

2030-2034
8,300,000
6,181,441
14,481,441

2035-2039
10,485,000
3,986,375
14,471,375

2040-2043
10,495,000
1,082,375
11,577,375

Total
$34,355,000
$26,992,177
$61,347,177

Water Revenue Bonds 2014, Series C  
The City issued Water Revenue Bonds 2014, Series C in the amount of $16,645,000.  The Series C Bonds were issued to provide funds to acquire and construct certain improvements for the City’s water system, and to pay costs incurred in connection with the issuance of the bonds. The Bonds are due in annual principal installments of $45,000 to $4,140,000 through 2044.  Interest rates range from 3.25% to 5% and is payable semi-annually on January 1 and July 1. The total amount outstanding as of June 30, 2019, was $16,645,000   .
71

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 7. LONG-TERM LIABILITIES (continued) 
B. Long-Term Debt of Business-Type Activities  (continued) 
Water Revenue Bonds 2014, Series C (continued)  
Total Water Revenue Bonds outstanding as of June 30, 2019, net of Unamortized bond premium were as follows:


Series C, Principal outstanding at June 30, 2019
$16,645,000
Add Unamortized bond premium
1,349,423
Net Bonds outstanding at June 30, 2019
$17,994,423

The annual debt service requirements for the Water Bonds, 2014 Series C outstanding at June 30, 2019, were as follows:

Year Ending
 June 30
Principal
Interest
Total

2020
$-
$774,594
$774,594

2021
-
774,594
774,594

2022
-
774,594
774,594

2023
-
774,594
774,594

2024
-
774,594
774,594

2025-2029
45,000
3,872,969
3,917,969

2030-2034
3,620,000
3,630,062
7,250,062

2035-2039
4,425,000
2,824,250
7,249,250

2040-2044
8,555,000
1,600,250
10,155,250

Total
$16,645,000
$15,800,501
$32,445,501

Safe Drinking Water Loan  
The City has entered into a funding agreement with the State of California Department of Water Resources for a construction loan under the Safe Drinking Water State Revolving Fund Law of 1997. The loan has an interest rate of 2.39% and a 20-year repayment schedule with 40 equal payments of $631,910.


Year Ending
 June 30
Principal
Interest
Total

2020
$1,038,887
$224,933
$1,263,820

2021
1,063,865
199,955
1,263,820

2022
1,089,443
174,377
1,263,820

2023
1,115,637
148,183
1,263,820

2024
1,142,460
134,851
1,277,311

2025-2028
4,219,291
261,365
4,480,656

Total
$9,669,583
$1,143,664
$10,813,247
72

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 7. LONG-TERM LIABILITIES (continued) 
B. Long-Term Debt of Business-Type Activities  (continued) 
Safe Drinking Water Loan (continued)  
The 2012 Water Revenue Refunding Bonds, the 2014 Water Revenue Bonds and the Safe Drinking Water Loan are secured by an irrevocable pledge of water net revenue, which totaled $7,722,971 for the current year. Debt service for the current year on these debts totaled $2,708,484, $774,594 and $1,263,820 for the 2012 Water Revenue Refunding Bonds, the 2014 Water Revenue Bonds and the Safe Drinking Water Loan, respectively.
C. Conduit Debt 
In 2011, the City of San Buenaventura ("City") issued $350,000,000 in Revenue Bonds ("2011 Conduit Bonds") on behalf of the Community Memorial Health System ("CMHS"). The proceeds of the 2011 conduit bonds were used to: a) finance and refinance the acquisition, construction, equipping and improvement of certain health care facilities, including a new hospital tower for Community Memorial Hospital (the "Project") located in Ventura, California; b) pay a portion of the capitalized interest on the 2011 conduit bonds during the period of construction of the Project; and c) fund a debt service reserve account. The obligation of CMHS to make payments will be secured by a Construction and Permanent Deed of Trust ("Deed of Trust") granting an interest in certain properties and related health care facilities and equipment owned by CMHS. The City has no obligation to make the debt service payments in the event that the CMHS is not able to make the required revenue payments. Accordingly, this debt is excluded from the Statement of Net Position. As of June 30, 2019, the outstanding amount was $333,980,000

                                 

                                                     img0d34.png
73

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 8. UNEARNED REVENUES 
Unearned revenues at June 30, 2019, consist of


Governmental Activities
General Fund:
Business license
$845,293
Recreational activities
667,069
Working Artists of Ventura impact fees
345,707
Total General Fund
1,858,069
Other Governmental Funds:
Working Artists of Ventura impact fees
811,306
Grants
81,081
Housing Authority-Johnson Housing
300,000
Total Other Governmental Funds
1,192,387
Total Unearned Revenues - Governmental Activities
3,050,456

Business-Type Activities
Wastewater Fund:
Working Artists of Ventura impact fees
66,164
Water Fund:
Working Artists of Ventura impact fees
346,720
Total Unearned Revenues - Business-Type Activities
412,884
Total Unearned Revenues
$3,463,340
74

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
 NOTE 9. PRIOR PERIOD ADJUSTMENTS 
 
The City had three prior period adjustments recorded for the year ended June 30, 2019



Governmental Activities
Beginning of Year
$56,078,788
Understated Revenue from Thomas Fire reimbursements 
4,778,969
Understated Pension Expense related to Net Pension Liability
(298,260)
Art Loan to Successor Agency
(297,704)
Beginning of year, as restated
$60,261,793


Other Governmental Funds
Beginning of Year
$65,583,115
Art Loan to Successor Agency 20% Set Aside Adjustment
616,403
Art Loan to Successor Agency Interest Adjustment
(914,107)
Beginning of year, as restated
$65,285,411

 
Fiduciary Funds
Beginning of year 
$(14,632,945)
Successor Agency Loan from Art Fund Accrued Interest Adjustment
810,000
Beginning of year, as restated 
$(13,822,945)

Internal Service Funds
Beginning of year 
$(5,649,342)
Understated Revenue from Thomas Fire Reimbursements
4,778,969
Beginning of year, as restated 
$(870,373)


 NOTE 10. FUND BALANCES FOR GOVERNMENTAL FUNDS 
Fund Balances 
Governmental funds report fund balance in classifications based primarily on the extent to which the City is bound to honor constraints on the specific purposes for which amounts in the funds can be spent. As of June 30, 2019, fund balance for governmental funds consisted of the following:
Nonspendable Fund Balance – includes amounts that are (a) not in spendable form, or (b) legally or contractually required to be maintained intact. The “not in spendable form” criterion includes items that are not expected to be converted to cash, for example: inventories, prepaid amounts, and long-term notes and advances receivable.
Restricted Fund Balance – includes amounts that are restricted for specific purposes stipulated by external resources providers, constitutionally or through enabling legislation. Restrictions may effectively be changed or lifted
75

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 10. FUND BALANCES FOR GOVERNMENTAL FUNDS (continued) 
Fund Balances (continued) 
only with the consent of resource providers.
Committed Fund Balance – includes amounts that can only be used for the specific purposes determined by a formal action of City Council, which is the highest level of this government's decision-making authority. Commitments may be changed or lifted only by the City Council taking the same formal action that imposed the constraint. The City Council has established a Stabilization Reserve that is intended to equal approximately 90 days of the City's General Fund operating and maintenance budget. At fiscal year ended June 30, 2019, the stabilization reserve balance is $15.1 million. As funding permits Council will continue adding to the reserve. The Stabilization Reserve may only be used for the following purposes: a) Cash Flow - To temporarily provide a liquidity cushion against variability and timing of expenditures and receipts and must be replenished in full prior to year-end; b) Emergencies - To provide funding in the event of emergencies, such as natural disasters (which may include, but are not limited to wild fires, earthquakes, floods, or tsunamis); c) other non-predictive emergencies; d) or the full replacement or partial replacement of City infrastructure should there be an unexpected failure. In the event this reserve is drawn down, the development and implementation of a replenishment plan will be put in place no later than the next fiscal year budget. The plan will include the fixed schedule of reserve replenishment. 
Assigned Fund Balance – includes amounts intended to be used by the City for specific purposes that are neither restricted nor committed. City Council annually authorizes the City's Financial Policies which authorize the Finance and Technology Director to assign fund balance amounts to a specific purpose. 
Unassigned Fund Balance – the residual classification for the General Fund and includes all amounts not contained in the other classifications. Governmental funds report residual negative balances as unassigned fund balance.  
In circumstances where an expenditure is made for a purpose for which amounts are available in multiple fund balance classifications, fund balance is depleted in the order of restricted, committed, assigned, and unassigned.
76

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 10. FUND BALANCES FOR GOVERNMENTAL FUNDS (continued) 
Fund Balances (continued) 
Fund balances at June 30, 2019, for the governmental funds are nonspendable, restricted, committed, assigned, or unassigned for the following purposes:

General Fund
Other Governmental Funds
Total Governmental Funds
Fund Balances:
Nonspendable:
Nonspendable Advances
$3,087,055
$-
$3,087,055
Nonspendable Inventory, Prepaids and Other Items
54,552
-
54,552
Subtotal
3,141,607
-
3,141,607
Restricted for:
Restricted for Capital Projects
481,554
35,248,118
35,729,672
Restricted for Debt Service
2,217,282
6,682,078
8,899,360
Restricted General Grant & Categorical
-
1,803,046
1,803,046
Restricted Housing & Comm Dev
-
1,102,014
1,102,014
Restricted Successor Housing Agency
-
4,997,728
4,997,728
Restricted Public Protection
-
83,476
83,476
Restricted Special Projects
-
12,969,164
12,969,164
Subtotal
2,698,836
62,885,624
65,584,460
Committed to:
Committed Capital Projects
-
3,285,387
3,285,387
Committed Stabilization Fund
15,075,620
-
15,075,620
Subtotal
15,075,620
3,285,387
18,361,007
Assigned to:
Assigned Capital Projects
1,965,642
8,736,065
10,701,707
Assigned Code Hazmat
109,670
-
109,670
Assigned Downtown Commercial Rehabilitation
346,282
-
346,282
Assigned Housing Preservation
349,797
-
349,797
Assigned General Plan Update
635,145
-
635,145
Assigned Continuing Appropriations
1,327,760
-
1,327,760
Assigned Code Compliance
148,967
-
148,967
Assigned Public Protection
1,172,943
-
1,172,943
Assigned Keys Dredging
1,411,419
-
1,411,419
Subtotal
7,467,625
8,736,065
16,203,690
Unassigned
13,297,806
(326,631)
12,971,175
Total fund balances
$41,681,494
$74,580,445
$116,261,939

 NOTE 11. DEFICIT FUND BALANCES AND NET POSITION 
Below are plans to reduce or eliminate deficit Fund Balances and Net Position:
Downtown Parking District Special Revenue Fund 
The deficit fund balance of $326,632 is a decrease from the previous year by $469,727. In 2016 the City settled a lawsuit with Multi-Cinema, LLC.  The Downtown Parking District borrowed the funds for the settlement from the General Fund.  The current outstanding loan amount is $1,020,409 and is paid monthly. 
Employee Fringe Benefits Internal Service Fund 
The deficit net position of $8,874,272 is an increase of $274,260 from the previous year. The City's long-term compensated absences balance of $5,897,491 is the main reason for this deficit. This long-term liability is not funded due to: 1) the expectation that much of the compensated absences will be used by employees throughout their employment with the City, and 2) the City does not anticipate a significant separation payout to employees in
77

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 11. DEFICIT FUND BALANCES AND NET POSITION (continued)
Employee Fringe Benefits Internal Service Fund (continued)
any given year. Internal service charges will continue to be reviewed annually.
Workers Compensation Internal Service Fund 
The deficit net position of $10,923,293 is a $2,088,434 increase from the previous year. The City has long-term claims totaling $12.1 million, which will continue to change over time as a result of claims filed. Internal service charges will continue to be reviewed annually.  
Risk Management Internal Service Fund 
The deficit net position of $8,101,534 is due to a decrease in $1.0 million in  claims and the associated expenditures with the 2017 Thomas Fire.  Internal Service charges will continue to be reviewed annually.






                                                  img1d44.png
78

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
 NOTE 12. SELF-INSURANCE ACCRUED LIABILITIES 
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The City is self-insured for the first $1,000,000 in loss for each workers’ compensation claim and the first $1,000,000 for each general liability claim and up to $250,000 for property damage claims. The City accounts for and finances its self-insured risks of loss in the Workers’ Compensation Fund and Public Liability Fund. Excess insurance is purchased through a Joint Powers Authority and from commercial carriers for each workers’ compensation and general liability claim losses in excess of the self-insured retention levels.
The outstanding claim liabilities in each of the self-insurance internal service funds are based on independent claims evaluation and also the results of separate actuarial studies and include amounts for claims incurred but not reported. Claims liabilities are calculated considering the effects of inflation, recent claim settlement trends including frequency, severity, and other economic and social factors. The estimate of the claims liability also includes amounts for allocated claim adjustment expenses related to specific claims and other unallocated claim adjustment expenses. General liability and workers’ compensation liabilities are carried at an actuarially determined rate. It is the City’s practice to obtain full actuarial studies annually for general liability and workers’ compensation coverage. Premiums are charged by the internal service self-insurance funds using various allocation methods that include actual costs, trends in claims experience, claim severity and claims frequency. Revenues of the internal service self-insurance funds are expended to provide adequate resources to allay program administrative costs, preventative measures and to meet liabilities as they become due. 
During the past three fiscal years, none of the above programs of protection have had settlements or judgments that exceeded the insurance and pool policy limits. There have been no significant reductions in pooled or insured liability coverage from coverage in the prior year.
The aggregate change in the balance of claims liabilities for the internal service self-insurance funds were as follows:


June 30

2019
2018
Unpaid claims, beginning of year
$16,326,628
$16,086,723
Incurred claims and changes in estimates
11,538,625
4,146,046
Claim payments
(7,077,907)
(3,906,141)
Unpaid claims, end of year
$20,787,346
$16,326,628
Current portion
$2,801,199
$2,953,693
Non-current portion
17,986,147
13,372,935
Total claims and judgments payable
$20,787,346
$16,326,628

At June 30, 2019, total estimated claims payable were as follows:


General Liability
$6,781,241
Workers' Compensation
14,006,105
Total
$20,787,346

79

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
 NOTE 13. PENSION PLANS 
A. General Information about the Pension Plans 
Plan Description - All qualified permanent and probationary employees are eligible to participate in the City's separate Safety (police and fire) and Miscellaneous (all other) Plans, agent multiple-employer defined benefit pension plans administered by the California Public Employees' Retirement System (CalPERS), which acts as a common investment and administrative agent for its participating member employers. Benefit provisions under the Plans are established by State statute and the City's resolution. CalPERS issues publicly available reports that include a full description of the pension plans regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website.
Benefits Provided - CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full time employment. Members with five years of total service are eligible to retire at age 50+ with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 10 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan are applied as specified by the Public Employees' Retirement Law.
The Plans' provisions and benefits in effect atJune 30, 2018, the measurement date, are summarized as follows:



Miscellaneous Plan

Hire date
Prior to 
July 23, 2011
Prior to
 January 1, 2013
On or after January 1, 2013

Benefit formula
2%@55
2%@60
2%@62

Benefit vesting schedule
5 years service
5 years service
5 years service

Benefit payments
monthly for life
monthly for life
monthly for life

Retirement age
50
50
52

Monthly benefits, as a % of eligible compensation
1.43%
1.09%
1%

Required employee contribution rates
6.828%
6.828%
6.25%

Required employer contribution 
21.559%
21.559%
21.559%

Payment of unfunded liability
$3,263,356
$-
$-



Safety Plan

Hire date
Prior to 
July 23, 2011
Prior to
 January 1, 2013
On or after
 January 1, 2013

Benefit formula
3%@50
3%@55
2.7%@57

Benefit vesting schedule
5 years service
5 years service
5 years service

Benefit payments
monthly for life
monthly for life
monthly for life

Retirement age
50
50
50

Monthly benefits, as a % of eligible compensation
3.0%
2.4%
2.0%

Required employee contribution rates
9%
9%
11.50%

Required employer contribution 
56.049%
56.049%
56.049%

Payment of unfunded liability
$7,328,957
$-
$-
80

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 13. PENSION PLANS (continued) 
A. General Information about the Pension Plans (continued) 
Employees Covered - At the measurement date of June 30, 2018, the following employees were covered by the benefit terms for each Plan:



Miscellaneous
Safety

Inactive employees or beneficiaries currently receiving benefits
664
334

Inactive employees entitled to but not yet receiving benefits
53
8

Active employees
412
196

*Total
1,129
538

*Member counts (employees covered) included in the valuation above are counts of the records processed by the valuation.  Multiple records may exist for those who have service in more than one valuation group.  City members may also be included in valuation groups of other municipalities (past employers) that are a part of the California Public Employee's Retirement System.  This does not result in double counting of the City's pension liabilities.  
Contributions - Section 20814(c) of the California Public Employees' Retirement Law requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. Funding contributions for both Plans are determined annually on an actuarial basis as of June 30 by CalPERS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate the contribution rate of employees.

B. Changes in the Net Pension Liability 
The changes in the Net Pension Liability for the measurement date of June 30, 2018 for each Plan follows:
Miscellaneous Plan:




Increase (Decrease)

Total Pension Liability
Plan Fiduciary Net Position
Net Pension Liability/(Asset)
Balance June 30, 2017
$275,522,788
$210,226,752
$65,296,036
Changes in year:
Service cost
4,703,575
-
4,703,575
Interest on the total pension liability
19,450,744
-
19,450,744
Changes in assumptions
(1,658,736)
-
(1,658,736)
Differences between actual and expected experience
2,815,191
-
2,815,191
Plan to Plan Resource Movement
-
(513)
513
Contribution - employer
-
5,621,534
(5,621,534)
Contribution - employee
-
2,171,551
(2,171,551)
Net investment income
-
17,668,947
(17,668,947)
Benefit payments, including refunds of employee contributions
(13,985,276)
(13,985,276)
-
Administrative expenses
-
(327,591)
327,591
Other Miscellaneous Income/(Expense)
-
(622,101)
622,101
Net changes
11,325,498
10,526,551
798,947
Balance at June 30, 2018
$286,848,286
$220,753,303
$66,094,983
81

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 13. PENSION PLANS (continued) 
B. Changes in the Net Pension Liability (continued) 

Safety Plan:




Increase (Decrease)

Total Pension Liability
Plan Fiduciary Net Position
Net Pension Liability/(Asset)
Balance June 30, 2017
$379,289,997
$229,465,506
$149,824,491
Changes in year:
Service cost
6,682,868
-
6,682,868
Interest on the total pension liability
26,747,255
-
26,747,255
Changes in assumptions
(1,508,073)
-
(1,508,073)
Differences between actual and expected experience
2,951,485
-
2,951,485
Plan to Plan Resource Movement
-
(563)
563
Contribution - employer
-
10,739,446
(10,739,446)
Contribution - employee
-
3,036,523
(3,036,523)
Net investment income
-
19,428,037
(19,428,037)
Benefit payments, including refunds of employee contributions
(19,974,741)
(19,974,741)
-
Administrative expenses
-
(357,570)
357,570
Other Miscellaneous Income/(Expenses)
-
(679,032)
679,032
Net changes
14,898,794
12,192,100
2,706,694
Balance at June 30, 2018
$394,188,791
$241,657,606
$152,531,185

Combined Totals:




Increase (Decrease)

Total Pension Liability
Plan Fiduciary Net Position
Net Pension Liability/(Asset)
Balance at June 30, 2017
$654,812,785
$439,692,258
$215,120,527
Changes in year:
Service cost
11,386,443
-
11,386,443
Interest on the total pension liability
46,197,999
-
46,197,999
Changes in assumptions
(3,166,809)
-
(3,166,809)
Differences between actual and expected experience
5,766,676
-
5,766,676
Plan to Plan Resource Movement
-
(1,076)
1,076
Contribution - employer
-
16,360,980
(16,360,980)
Contribution - employee
-
5,208,074
(5,208,074)
Net investment income
-
37,096,984
(37,096,984)
Benefit payments, including refunds of employee contributions
(33,960,017)
(33,960,017)
-
Administrative expenses
-
(685,161)
685,161
Other Miscellaneous Income/(Expenses)
-
(1,301,133)
1,301,133
Net Changes
26,224,292
22,718,651
3,505,641
Balance at June 30, 2018
$681,037,077
$462,410,909
$218,626,168
82

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 13. PENSION PLANS (continued) 
B. Changes in the Net Pension Liability (continued) 
Sensitivity of the Net Pension Liability to Changes in the Discount Rate - The following presents the net position liability of the City for each Plan, calculated using the discount rate for each Plan, as well as what the City's net pension liability would be if it were calculated using a discount rate that is 1-percentage point lower or 1-percentage point higher than the current rate:



Miscellaneous
Safety
Total

1% Decrease
6.15%
6.15%
6.15%

Net Pension Liability
$102,177,596
$206,197,278
$308,374,874


Current Discount Rate
7.15%
7.15%
7.15%

Net Pension Liability
$66,094,983
$152,531,185
$218,626,168


1% Increase
-%
8.15%
8.15%

Net Pension Liability
$36,045,783
$108,586,695
$144,632,478

Pension Plan Fiduciary Net Position - Detailed information about each pension plan's fiduciary net position is available in the separately issued CalPERS financial reports.

C. Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions 
For the year ended June 30, 2019, the City recognized net pension expense of $30,153,452 ($12,530,931 Miscellaneous Plan and $17,622,521 Safety Plan) which is based on the Measurement Period Ended June 30, 2018. The City of San Buenaventura has deferred outflows and deferred inflows of resources related to the pension plans listed below as of the measurement date, June 30, 2018:

Miscellaneous Plan
Deferred Outflows of Resources
Deferred Inflows of Resources
Pension contributions subsequent to measurement date 
$6,453,169
$-
Changes in Assumption
2,456,191
(995,242)
Differences between Expected and Actual Experience
1,689,115
(374,944)
Net differences between projected and actual earnings on plan investments
419,251
-
Total
$11,017,726
$(1,370,186)
83

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 13. PENSION PLANS (continued) 
C. Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions (continued) 

Safety Plan
Deferred Outflows of Resources
Deferred Inflows of Resources
Pension contributions subsequent to measurement date 
$12,072,299
$-
Changes in Assumption
11,366,230
(1,131,057)
Differences between Expected and Actual Experience
2,298,263
(37,065)
Net differences between projected and actual earnings on plan investments
360,196
-
 Total
$26,096,988
$(1,168,122)

Combined Totals 

Deferred Outflows of Resources
Deferred Inflows of Resources
Pension contributions subsequent to measurement date
$18,525,468
$-
Changes in Assumption
13,822,421
(2,126,299)
Differences between actual and expected experience
3,987,378
(412,009)
Net difference between projected and actual earnings on plan investments
779,447
-
Total
$37,114,714
$(2,538,308)

$18,525,468 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the measurement period ending June 30, 2019. Other amounts reported as deferred outflows and deferred inflows of resources related to pensions will be recognized in the future pension expense as follows:

Measurement Periods Ended June 30
Miscellaneous
Safety
Total

2019
$5,214,881
$8,438,756
$13,653,637

2020
$787,709
$6,144,358
$6,932,067

2021
$(2,222,174)
$(1,068,457)
$(3,290,631)

2022
$(586,045)
$(658,090)
$(1,244,135)

D. Payable to the Pension Plan 
At June 30, 2019, the City had no outstanding contributions to the pension plan required for the year ended June 30, 2019.
84

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 13. PENSION PLANS (continued) 
E. Net Pension Liability 
The City's net pension liability for each Plan is measured as the total pension liability, less the pension plan's fiduciary net position. The net pension liability of each of the Plans is measured as of June 30, 2018, using an annual actuarial valuation as of June 30, 2017 rolled forward to June 30, 2018 using standard update procedures. A summary of principal assumptions and methods used to determine the net pension liability is shown below.
Actuarial Assumptions - The total pension liabilities in the June 30, 2017 actuarial valuations were determined using the following actuarial assumptions:


Miscellaneous
Safety

Valuation Date
June 30, 2017
June 30, 2017

Measurement Date
June 30, 2018
June 30, 2018

Actuarial Cost Method
Entry-Age Normal Cost Method

Actuarial Assumptions:

Discount Rate
7.15%
7.15%

Inflation
2.50%
2.50%


Projected Salary Increase
Varies by Entry Age and Service

Mortality
Derived using CalPERS' Membership Data for all Funds

Post Retirement Benefit Increase
Contract COLA up to 2.0% until Purchasing Power Protection Allowance Floor on Purchasing Power applies, 2.50% thereafter

The table includes 15 years of mortality improvements using the Society of Actuaries Scale 90% of MP 2016.  For mor detais on this table, please refer to the December 2017 experience study report (based on CalPERS demographic data from 1997 to 2015) that can be found ont he CalPERS website.
Long-term Expectated Rate of Return - The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.
In determining the long-term expected rate of return, CalPERS took into account both short-term and long-term market return expectations as well as the expected pension fund cash flows. Using historical returns of all the funds' asset classes, expected compound returns were calculated over the short-term (first 10 years) and the long-term (11+ years) using a building-block approach. Using the expected nominal returns for both short-term and long-term, the present value of benefits was calculated for each fund. The expected rate of return was set by calculating the single equivalent expected return that arrived at the same present value of benefits for cash flows as the one calculated using both short-term and long-term returns. The expected rate of return was then set equivalent to the single equivalent rate calculated above and adjusted to account for assumed administrative expenses.
85

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 13. PENSION PLANS (continued) 
E. Net Pension Liability (continued) 
The expected real rates of return by asset class are as follows:


Asset Class
Actual Asset Allocation (1)
Real return years 1-10 (2)
Real return years 11+ (3)

Global Equity
50.0%
4.80%
5.98%

Fixed income
28.0
1.00
2.62

Inflation assets
-
0.77
1.81

Private equity
8.0
6.30
7.23

Real assets
13.0
3.75
4.93

Liquidity
1.0%
3.75%
(0.92)%
(1) In the System's CAFR, Fixed Income is included in Global Debt Securities; Liquidity is included in Short-term Investments; Inflation Assets are included in both Global Equity Securities and Global Debt Securities.
(2) An expected inflation of 2.0% used for this period.
(3) An expected inflation of 2.92% used for this period.
Discount Rate - The discount rate used to measure the total pension liability was 7.15%.  The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined.  Based on those assumptions the Plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members.  Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability.
86

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
 NOTE 14. COMMITMENTS AND CONTINGENCIES 
Contingencies
The City of Ventura filed suit against United Water Conservation District (UWCD) to recover amounts that City believed it had been overcharged by UWCD in prior years. The City prevailed with the trial court and was awarded $1.75 million. UWCD appealed the decision to the appellate court but paid this money to the City to avoid accruing further penalties and interest. The case was remanded by the California Supreme Court to the Court of Appeal, and final determination of liability has not been decided. The City believes that it will prevail and, therefore, recognized the payment from UWCD as revenue in the Water Fund in fiscal year ended 06/30/2016. If the City is required to refund the money to UWCD, the Water Fund will recognize an expense at that time for the amount of the repayment. The Water Fund has restricted the cash to be used for repayment to UWCD if the court rules against the City.
The City is also presently involved in certain matters of litigation that have arisen in the normal course of conducting City business. City management believes, based upon consultation with the City Attorney, that there are no cases that could result in a material adverse financial impact on the City. City management believes that the City's insurance programs are sufficient to cover any potential losses if an unfavorable outcome materializes from any case.
Commitments
 The City had the following commitments outstanding at June 30, 2019:

Fund
Amount

General Fund
$1,327,760

Other Governmental Funds
97,159

Total Governmental Funds
1,424,919

Wastewater Fund
178,996

Water Fund
1,016,452

Internal Service Funds
3,634,761

Total Proprietary Funds
4,830,209

Total
$6,255,128

 NOTE 15. DEFERRED FEES 
Due to the economic crisis of 2008, the City entered into an Impact Fee Deferral Loan Agreement with both the Working Artists Ventura (WAV) Apartments Partners for apartment units restricted to low- and very low-income households for $1,311,165 and with WAV Condominiums, LLC for market-rate condominium units for $270,693 to defer a total of $1,581,858 in planning and permitting fees.
The deferred fees for the affordable apartment units are to be repaid with annual principal and interest installments of $48,971 over 55 years beginning in 2010.  Revenue is being recognized as payments are received.
The deferred fees for the condominiums have been paid in full.
 NOTE 16. RELATED ORGANIZATIONS 
The Housing Authority of the City of Ventura’s (Housing Authority) Board of Commissioners is appointed by the Mayor, while the Ventura Port District’s Board of Commissioners is appointed by the City Council. However, these entities do not qualify as component units of the City because the City cannot impose its will on these entities and there is no potential for these entities to provide specific financial benefits to, or impose specific financial burdens on, the City. As a result, the Housing Authority and the Ventura Port District are considered as related organizations of the City.
87

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 16. RELATED ORGANIZATIONS (continued) 


 NOTE 17. JOINT VENTURES 
The Sustainable Groundwater Management Act (SGMA) requires local water agencies to establish locally controlled groundwater sustainability agencies (GSA) to manage and oversee the future sustainability of groundwater resources. The City is involved in the creation of the Upper Ventura River Groundwater Sustainability Agency and the Mound Basin Groundwater Sustainability Agency.  
The Upper Ventura River GSA includes the Casitas Municipal Water District, the City of San Buenaventura, the County of Ventura, the Meiners  Oaks Water District and the Ventura River Water District.  For fiscal year 2018/2019, the UVRGA approved a budget of $425,000 which included a $50,000 contribution from the City.  
The Mound Basin GSA includes the City of San Buenaventura, the County of Ventura, the United Water Conservation District and was recently formed in June 2017.  The board adopted a budget of approximately $368,000 for fiscal year 2018/2019 which included a $55,000 contribution for the City of Ventura..
Los Angeles Community Choice Energy Authority (LACCE).  The Governor of California signed into law Assembly Bill 117 which authorizes any California city or county, upon governing body approval, to combine the electricity load of its residents and businesses in a community-wide electricity aggregation program known as Community Choice Aggregation (CCA). With City Council approval, the City along with Ventura County and participating cities within Ventura County, have developed a Business Plan for the formation of the LACCE and CCA program.  In accordance with the Joint Powers Agreement, all funding associated with the initial costs to establish the LACCE will be provided by the County of Los Angeles until such a time that the LACCE is operational.   
88

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 18. RECENT CHANGES IN LEGISLATION AFFECTING CALIFORNIA REDEVELOPMENT AGENCIES 
On June 29, 2011, Assembly Bills I x 26 (the Dissolution Act) was enacted as part of the fiscal year 2011-12 state budget package, which dissolved the California redevelopment agencies.
On June 27, 2012, as part of the fiscal year 2012-13 state budget package, the Legislature passed, and the Governor signed AB 1484, which made technical and substantive amendments to the Dissolution Act based on experience to-date at the state and local level in implementing the Dissolution Act.
In February 2014, Assembly Bill 471 passed which amended several statutes governing the dissolution of redevelopment agencies and allowed infrastructure financing districts (IFDs) to include portions of former redevelopment project areas.
In September 2015, the Legislature passed and the Governor signed SB 107, which made additional changes to the Dissolution Act.
Under the Dissolution Act, each California redevelopment agency (each Dissolved RDA) was dissolved as of February 1, 2012, and the sponsoring community that formed the Dissolved RDA, together with other designated entities, initiated the process under the Dissolution Act to unwind the affairs of the Dissolved RDA. On January 30, 2012, the City elected to serve as the Successor Agency to the San Buenaventura Redevelopment Agency.
The Dissolution Act allowed the sponsoring community that formed the Dissolved RDA to elect to assume the housing functions and take over the certain housing assets of the Dissolved RDA. The City elected on January 30, 2012 to serve as the Housing Successor Agency effective February 1, 2012.
As of the date of dissolution, the housing assets, obligations, and activities of the Dissolved RDA have been transferred and are reported in the Successor Housing Agency Special Revenue Fund in the financial statements of the City. All other assets, obligations, and activities of the Dissolved RDA have been transferred and are reported in a fiduciary fund (private-purpose trust fund) in the financial statements of the City. 
In this current year as well as in future years, the County of Ventura will allocate only revenues equal to the amounts necessary to pay annual installment payments on enforceable obligations of the Dissolved RDA. This will continue until all enforceable obligations have been paid in full and all assets of the Dissolved RDA have been liquidated.

 NOTE 19. SUCCESSOR AGENCY DISCLOSURES 
On February 1, 2012, as the result of the dissolution of the former Redevelopment Agency, the City elected to become the Successor Agency to the former Redevelopment Agency of the City of San Buenaventura (Successor Agency). The City is acting in fiduciary capacity for the assets and liabilities.  Disclosures related to advances receivable,  and long term liabilities are as follows:
All debt to be repaid is to be included on the annual Recognized Obligation Payment Schedule (ROPS) that must be approved by the Oversight Board and the DOF.  Once approved, the Successor Agency will receive semi-annual disbursements from the Redevelopment Property Tax Fund (RPTTF) through the County of Ventura to cover the Successor Agency's recognized obligation payments and administrative allowance.
The advances between the Agency and the City were established through a cooperation agreement, first approved in 1980, describing the operational support provided to the Agency, and the terms and conditions for repayment of City loans or advances.  In June 1992 and May 1997, a restated and amended cooperation agreement was adopted for the purpose of restructuring the financial aspects of the relationship.  In 2004, an amended cooperation agreement was adopted to establish a predictable revenue stream into the General Fund and provide for the accumulation of project funds for the Agency.  In 2011, a second amended and restated cooperation agreement was adopted to update the status of the amounts paid to the City and the amount of existing indebtedness of the Agency owed to the City.
The 2011 amended agreement called for: 1) the Agency to reimburse the City with interest payment accruing at 5% on the total amount of principal owed by the Agency to the City beginning July 1, 2010; 2) the Agency to reimburse
89

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 19. SUCCESSOR AGENCY DISCLOSURES (continued) 
the City with principal installment of $562,364 from May 15, 2011 through May 15, 2015; and 3) in the event there was insufficient tax increment revenue to make a debt payment, the Agency could request to defer that portion that could not be paid in the current year to an upcoming year. Any request was to be presented to City Council at a regular meeting, on or before June 30th of that year.
The state law dissolving the Agency (AB 1X 26) precluded the Agency or the Successor Agency from repaying loans that were made from the City to the Agency (Sponsoring Entity Loans) under the aforementioned agreements.  With the passing of SB 107, the interest on such loans was revised to 3% simple interest rate recalculated from the loan origination on a quarterly basis. The City, Successor Agency and Successor Housing Agency have made all necessary adjustments by fiscal year end 2019 to comply with the most current interest rate calculations. This particular Sponsoring Entity Loan will need to be presented to the County-wide Oversight Board and DOF for approval to be added to a future ROPS. The necessary interest rates adjustments have been made and the outstanding balance at June 30, 2019 is $2,547,761.
On January 26, 2008, the City’s Public Art Fund loaned the Agency $1,000,000 at 5% compound interest for a term of 2 years for the Working Artists Ventura (WAV) project.  In both 2011 and 2016, amendments were adopted to modify and extend the terms for repayment of the loan.  With the most recent amendment the loan was extended for a term that expires on the earlier of (a) December 1, 2017, or (b) thirty (30) days after the last unit in the project is sold.  The loan had an interest rate of 3% per annum. With the passing of SB 1077, the interest on such loans was revised to 3% simple interest rate recalculated from the loan origination on an annual basis. With these adjustments, the Successor Agency presented the revised balance of this Sponsoring Entity Loan to the County-wide Oversight Board and DOF to have the debt services added to the FY2019/20 ROPS due February 1, 2019.  While the County-wide Oversight Board approved the Sponsoring Entity Loan with the recalculations, the DOF did not approve it.  The Successor Agency and City are discussing further options.  The necessary interest rates adjustments have been made and the outstanding balance at June 30, 2019 is $1,224,106.
In 2009, the State of California required the former Redevelopment Agency to make certain payment to its county Supplemental Educational Revenue Augmentation Fund (SERAF).  In fiscal year 2009-10 the amount paid was $1,153,029 and in fiscal year 2010-11 the amount paid was $236,182.  At the time payments were due, the Agency was unable to make its full SERAF payments, and therefore borrowed the amount from the Agency’s Loan and Moderate Income Housing Fund.  As a result of the elimination of redevelopment agencies as of February 1, 2012, the Successor Agency is now responsible for repayment of the loan.  This loan amount was approved as a Recognized Obligation and is subject to repayment terms as outlined by AB 1484. The first payment was made in fiscal year 2016-2017.  The remaining balance as of June 30, 2019 is $ 1,006,237.
90

City of San Buenaventura
Notes to the Basic Financial Statements
For the Year Ended June 30, 2019
NOTE 19. SUCCESSOR AGENCY DISCLOSURES (continued) 
Long Term Liabilities - Long-term liability activity for the year ended June 30, 2019 was as follows:





Classification

Balance
 July 1, 2018
Additions
Deletions
Balance
 June 30, 2019
Amounts
Due Within
One Year
Amounts
Due in More
than One Year
Fiduciary Funds:
Tax Allocation Bonds - 2003
$4,160,000
$-
$345,000
$3,815,000
$360,000
$3,455,000
Tax Allocation Bonds - 2008
6,970,000
-
440,000
6,530,000
355,000
6,175,000
Total fiduciary funds
$11,130,000
$-
$785,000
$10,345,000
$715,000
$9,630,000
  
Tax Allocation Bonds - 2003  
Tax Allocation Bonds (TABs) in the amount of $8,000,000 were issued by the Agency on June 1, 2003. The bonds were issued to provide funds to: 1) repay certain advances made by the City to the Agency; 2) fund a reserve account for the bonds; and 3) pay issuance costs of the bonds. The 2003 Tax Allocation Bonds are secured by the irrevocable pledge of tax increment revenues payable to the Successor Agency.  The bonds are due in annual principal installments of $305,000 to $495,000 through 2028. Interest rates range from 2% to 4.25% and interest is payable semi-annually on February 1st and August 1st. The funding source for the repayment is tax increment revenue or RPTTF since the dissolution of redevelopment agencies. The total amount outstanding as of June 30, 2019, was $3,815,000.
Tax Allocation Bonds - 2008  
Tax Allocation Bonds (TABs) in the amount of $8,785,000 were issued by the Agency on December 18, 2008.  The bonds were issued to provide funds to: 1) repay certain advances made by the City to the Agency; 2) fund a reserve account for the bonds; and 3) pay issuance costs of the bonds.  The 2008 Tax Allocation Bonds are secured by the irrevocable pledge of tax increment revenues payable to the Successor Agency.  The bonds are due in annual principal installments of $35,000 to $695,000 through 2038.  Interest rates range from 3% to 8% and interest is payable semi-annually on February 1st and August 1st.  The funding source for the repayment is tax increment revenue or RPTTF since the dissolution of redevelopment agencies.  The total principal amount outstanding as of June 30, 2019 was $6,530,000.

Total Successor Agency Debt Service requirements on long-term debt at June 30, 2019, are as follows:

Year Ending
June 30
Principal
Interest
Total

2020
$715,000
$644,881
$1,359,881

2021
620,000
609,625
1,229,625

2022
685,000
574,996
1,259,996

2023
720,000
536,672
1,256,672

2024
760,000
495,063
1,255,063

2025-2029
3,640,000
1,861,987
5,501,987

2030-2034
1,300,000
1,038,000
2,338,000

2035-2039
1,905,000
404,200
2,309,200

Total
$10,345,000
$6,165,424
$16,510,424
91

img15f6.png

img7d9b.png

City of San Buenaventura
Required Supplementary Information
Schedule of Changes in the Net Pension Liability and Related Ratios - Miscellaneous Plan
Last 10 Years*
As of June 30, 2019
Fiscal year
2019
2018
2017
2016
2015
Measurement date, June 30
2018
2017
2016
2015
2014
Total Pension Liability
Service Cost
$4,703,575
$4,400,629
$3,958,009
$4,023,259
$4,325,502
Interest on total pension liability
19,450,744
18,658,538
18,242,597
17,733,981
17,177,823
Differences between expected and actual experience
2,815,191
(2,249,664)
(3,388,633)
(3,651,853)
-
Changes in assumptions
(1,658,736)
14,737,145
-
(4,173,483)
-
Benefit payments, including refunds of employee contributions
(13,985,276)
(12,589,302)
(12,242,930)
(11,131,910)
(10,363,598)
Net change in total pension liability
11,325,498
22,957,346
6,569,043
2,799,994
11,139,727
Total pension liability - beginning
275,522,788
252,565,442
245,996,399
243,196,405
232,056,678
Total pension liability - ending (a)
286,848,286
275,522,788
252,565,442
245,996,399
243,196,405
Plan Fiduciary Net Position
Contributions - employer
5,621,534
5,011,620
4,287,173
3,885,447
3,741,069
Contributions - employee
2,171,551
2,196,337
1,929,590
2,027,765
2,095,570
Net investment income
17,668,947
21,813,949
1,058,333
4,481,034
30,053,596
Benefit payments
(13,985,276)
(12,589,302)
(12,242,930)
(11,131,910)
(10,363,598)
Plan to Plan Resource Movement
(513)
9,374
(253)
-
-
Administrative Expense
(949,692)
(286,533)
(121,378)
(224,074)
-
Net change in plan fiduciary net position
10,526,551
16,155,445
(5,089,465)
(961,738)
25,526,637
Plan fiduciary net position - beginning
210,226,752
194,071,307
199,160,772
200,122,510
174,595,873
Plan fiduciary net position - ending (b)
220,753,303
210,226,752
194,071,307
199,160,772
200,122,510
Net pension liability - ending (a)-(b)
$66,094,983
$65,296,036
$58,494,135
$46,835,627
$43,073,895
Plan fiduciary net position as a percentage of the total pension liability
76.96%
76.30%
76.84%
80.96%
82.29%
Covered payroll
$30,449,791
$28,540,301
$27,800,864
$28,326,824
$29,055,565
Net pension liability as percentage of covered payroll
217.06%
228.79%
210.40%
165.34%
148.25%

Notes to Schedule: 
Benefit changes.  The figures above do not include any liability impact that may have resulted from plan changes which occurred after June 30, 2015. This applies for voluntary benefit changes as well as any offers of Two Year Additional Service Credit (a.k.a. Golden Handshakes).
Changes in assumptions by measurement date. In 2018, there were no significant changes.  In 2017, the accounting discount rate reduced from 7.65 percent to 7.15 percent. In 2016, there were no changes.  In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without a reduction for pension plan administrative expense).  In 2014, amounts reported were based on the 7.5 percent discount rate.


* Fiscal year 2015 was the 1st year of implementation, therefore only five years are shown.

83

City of San Buenaventura
Required Supplementary Information
Schedule of Contributions- Miscellaneous Plan
Last 10 Years*
As of June 30, 2019

2019
2018
2017
2016
2015
Actual actuarially determined contribution
$6,453,169
$5,610,068
$5,012,414
$4,228,391
$3,741,069
Contributions in relation to the actuarially determined contributions
(6,453,169)
(5,610,068)
(5,012,414)
(4,228,391)
(3,741,069)
Contribution deficiency (excess)
-
-
-
-
-
Covered payroll
30,449,791
28,540,301
29,287,929
27,289,832
28,326,824
Contributions as a percentage of covered payroll
21.19%
19.66%
17.11%
15.49%
13.21%


Notes to Schedule:
 
Valuation Date
6/30/2016
6/30/2015
6/30/2014
6/30/2013
6/30/2012






Methods and Assumptions Used to Determine Contribution Rares:





   Actuarial cost method
Entry Age
Entry Age
Entry Age
Entry Age
Entry Age
   Amortization method
(1)
(1)
(1)
(1)
(1)
   Asset valuation method
Market Value
Market Value
Market Value
Market Value
15 Year Smoothed Market
   Inflation
2.75%
2.75%
2.75%
2.75%
2.75%
   Salary increases
(2)
(2)
(2)
(2)
(2)
   Investment rate of return
7.375% (3)
7.50% (3)
7.50% (3)
7.50% (3)
7.50% (3)
   Retiremant age
(4)
(4)
(4)
(4)
(4)
   Mortality
(5)
(5)
(5)
(5)
(5)






(1) Level percentage of payroll, closed





(2) Depending on age, service, and type of employment





(3) Net of pension plan investment expense, including inflation





(4) 50 for all plans with the exception of 52 for Miscellaneous PEPRA 2% @ 62





(5) Mortality assumptions are based on mortality rates resulting from the most recent CalPERS Experience Study adopted by the CalPERS Board







* Fiscal year 2015 was the 1st year of implementation, therefore only five years are shown.
84

City of San Buenaventura
Required Supplementary Information
Schedule of Changes in the Net Pension Liability and Related Ratios- Safety Plan
Last 10 Years*
As of June 30, 2019

Fiscal year
2019
2018
2017
2016
2015
Measurement date, June 30
2018
2017
2016
2015
2014
Total Pension Liability
Service Cost
$6,682,868
$6,656,070
$5,609,545
$5,513,154
$5,952,921
Interest on total pension liability
26,747,255
25,738,422
24,929,315
24,029,087
23,321,279
Differences between expected and actual experience
2,951,485
161,606
(138,153)
(3,389,238)
-
Changes in assumptions
(1,508,073)
21,699,169
-
(5,922,289)
-
Benefit payments, including refunds of employee contributions
(19,974,741)
(19,508,737)
(18,128,036)
(17,241,170)
(15,933,715)
Net change in total pension liability
14,898,794
34,746,530
12,272,671
2,989,544
13,340,485
Total pension liability - beginning
379,289,997
344,543,467
332,270,796
329,281,252
315,940,767
Total pension liability - ending (a)
394,188,791
379,289,997
344,543,467
332,270,796
329,281,252
Plan Fiduciary Net Position
Contributions - employer
10,739,446
10,529,698
8,816,411
8,219,991
7,327,658
Contributions - employee
3,036,523
3,030,207
2,853,629
2,779,297
2,784,694
Net investment income
19,428,037
23,965,587
1,092,395
4,856,627
33,047,105
Benefit payments
(19,974,741)
(19,508,737)
(18,128,036)
(17,241,170)
(15,933,715)
Plan to Plan Resource Movement
(563)
-
253
-
-
Administrative Expense
(357,570)
(312,651)
(132,408)
(244,503)
-
Other Miscellaneous Income/(Expenses) 
(679,032)
-
-
-
-
Net change in plan fiduciary net position
12,192,100
17,704,104
(5,497,756)
(1,629,758)
27,225,742
Plan fiduciary net position - beginning
229,465,506
211,761,402
217,259,158
218,888,916
191,663,174
Plan fiduciary net position - ending (b)
241,657,606
229,465,506
211,761,402
217,259,158
218,888,916
Net pension liability - ending (a)-(b)
$152,531,185
$149,824,491
$132,782,065
$115,011,638
$110,392,336
Plan fiduciary net position as a percentage of the total pension liability
61.31%
60.50%
61.46%
65.39%
66.47%
Covered payroll 
$22,522,473
$22,186,898
$20,848,677
$20,262,988
$21,147,894
Net pension liability as percentage of covered payroll
677.24%
675.28%
636.88%
567.59%
522.00%


Notes to Schedule: 
Benefit changes. The figures above do not include any liability impact that may have resulted from plan changes which occurred after June 30, 2015. This applies for voluntary benefit changes as well as any offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes)
Changes in assumptions by measurement date. In 2018, there were no significant changes. In 2017, the accounting discount rate reduced from 7.65 percent to 7.15 percent. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without a reduction for pension plan administrative expense).  In 2014, amounts reported were based on the 7.5 percent discount rate.


* Fiscal year 2015 was the 1st year of implementation, therefore only five years shown.
85

City of San Buenaventura
Required Supplementary Information
Schedule of Contributions - Safety Plan
Last 10 Years*
As of June 30, 2019


2019
2018
2017
2016
2015
Actuarially determined contribution
$12,072,299
$10,740,381
$10,359,521
$8,888,417
$7,327,658
Contributions in relation to the actuarially determined contributions
(12,072,299)
(10,740,381)
(10,359,521)
(8,888,417)
(7,327,658)
Covered payroll
$22,522,473
$22,186,898
$22,053,611
$21,269,138
$20,262,988
Contributions as a percentage of covered payroll
53.60%
48.41%
46.97%
41.79%
36.16%


Notes to Schedule:

Valuation Date
6/30/2016
6/30/2015
6/30/2014
6/30/2013
6/30/2012






Methods and Assumptions Used to Determine Contribution Rates:





   Actuarial cost method
Entry Age
Entry Age
Entry Age
Entry Age
Entry Age
   Amortization method
(1)
(1)
(1)
(1)
(1)
   Asset valuation mehod
Market Value
Market Value
Market Value
Market Value
15 Year Smoothed Market
   Inflation
2.75%
2.75%
2.75%
2.75%
2.75%
   Salary increases
(2)
(2)
(2)
(2)
(2)
   Investment rate of return
7.375% (3)
7.50% (3)
7.50% (3)
7.50% (3)
7.50% (3)
   Retirement age
(4)
(4)
(4)
(4)
(4)
   Mortality
(5)
(5)
(5)
(5)
(5)






(1) Level percentage of payroll, closed





(2) Depending on age, service and type of employment





(3) Net of pension plan investment expense, including inflation
(4) 50 for all plans with the exception of 52 for Miscellaneous PEPRA 2% @ 62
(5) Mortality assumptions are based on mortality rates resulting from the most recent CalPERS Experience Study adopted by CalPERS Board








* Fiscal year 2015 was the 1st year of implementation, therefore only five years shown.
86

City of San Buenaventura
Required Supplementary Information
For the Year Ended June 30, 2019
Budgetary Information 
Through the budget, the City Council sets the direction of the City, allocates its resources and establishes its priorities. The Annual Budget assures the efficient and effective use of the City's economic resources, as well as establishing that the highest priority objectives are accomplished.
The Annual Budget serves the fiscal period July 1 to June 30 and is a vehicle that accurately and openly communicates these priorities to the community, businesses, vendors, employees, and other public agencies. Additionally, it establishes the foundation of effective financial planning by providing resource planning and controls that permit the evaluation and adjustment of the City's performance.
The City prepares a one-year budget. The annual budgets are adopted on a basis consistent with generally accepted accounting principles for the General, Special Revenue, and Debt Service Funds. All annual appropriations expire at the end of the year. Capital projects funds adopt project-length plans.
The Finance and Technology Department, working with all operating departments and the City Manager, develops a preliminary budget. On or before May 1 each year, the City Manager transmits the proposed budget to the City Council. The proposed budget includes both the sources and types of funds for the proposed expenditures. The City Council conducts public hearings on the proposed budget prior to June 30. On or before July 1, the budget is adopted and enacted by the City Council.
The appropriated budget is prepared by fund, department and division. City department heads may make transfers of appropriations within their department. All transfers between departments require approval of the City Council. The legal level of budgetary control is at the department level for the General Fund and at the fund level for all other governmental funds. Appropriation revisions made during the year ended June 30, 2019, were not significant.
Encumbrance accounting is employed in governmental funds. Encumbrances (e.g., purchase orders, contracts) outstanding at year-end are reported as reservations of fund balances and do not constitute expenditures or liabilities. The commitments will be re-appropriated and honored in the subsequent year.

87

City of San Buenaventura
Required Supplementary Information
For the Year Ended June 30, 2019
Schedule of General Fund Budget Comparison 
Following are the budget comparison schedules for the General Fund.
 



Budgeted Amounts
Actual
Variance with

Original
Final
Amounts
Final Budget
Fund balance, July 1 
$37,702,386
$37,702,386
$37,702,386
$-
Resources (inflows):
Current:
Taxes
70,758,252
71,220,659
72,780,307
1,559,648
Licenses and permits
4,782,754
5,182,754
6,037,608
854,854
Intergovernmental
9,777,472
9,777,472
10,683,093
905,621
Charges for services
14,989,993
15,034,481
15,270,654
236,173
Fines and forfeitures
1,871,355
1,871,355
2,926,552
1,055,197
Franchise and PEG fees
3,740,880
3,740,880
4,855,152
1,114,272
Use of money and property
1,906,723
1,906,723
2,461,658
554,935
Other revenue
9,191,621
11,390,491
2,415,739
(8,974,752)
Transfers in
1,486,332
1,489,159
1,532,566
43,407
Amount available for appropriations
118,505,382
121,613,974
118,963,329
(2,650,645)
Charges to appropriations (outflows):
Current:
General Government
14,658,938
14,078,335
8,175,872
5,902,463
Human Resources
1,053,717
1,103,717
1,104,503
(786)
Finance and Technology
4,147,703
4,442,568
4,035,810
406,758
Community Development
8,202,382
9,062,840
9,170,130
(107,290)
Parks, Rec & Com Partnerships
18,351,656
18,342,588
18,508,212
(165,624)
Public Safety - Police
38,771,445
38,895,877
38,947,863
(51,986)
Public Safety - Fire
19,963,897
20,551,955
20,479,101
72,854
Public Works
9,831,982
11,904,371
11,437,357
467,014
Capital outlay
59,851
312,517
262,197
50,320
Transfers out
3,463,811
3,269,206
3,262,390
6,816
Proceeds from sales of assets
-
(350,000)
(399,214)
49,214
Total charges to appropriations
118,505,382
121,613,974
114,984,221
6,629,753
Excess of resources over (under) charges for appropriations
-
-
3,979,108
3,979,108
Fund balance, June 30
$37,702,386
$37,702,386
$41,681,494
$3,979,108

88

img7415.png

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img5ca3.png

img01f4.png

City of San Buenaventura
Combining Balance Sheet
Non-Major Governmental Funds
June 30, 2019


Special Revenue

Measure O-Transaction & Use Tax Fund
Gas Tax Fund
Transportation Fund
Transportation Development Act Program Funds
Law Enforcement Funds
General & Categorical Grants Fund
Assets:
Cash and investments
$11,671,819
$10,397,421
$19,979,486
$114,465
$327,688
$-
Restricted cash and investments
-
-
-
-
-
-
Accounts receivable, net
-
549
-
-
-
620,171
Interest receivable
18,916
19,413
43,282
519
612
483
Due from other funds
-
-
-
-
-
-
Due from others
-
-
3,145
-
-
278,720
Due from other governments
2,261,248
684,063
-
-
-
1,437,457
Inventory, prepaid and other items
-
-
-
-
-
5,610
Loans and notes receivable
-
228,500
-
-
-
-
Due from Successor Agency
-
-
-
-
-
-
Total assets:
$13,951,983
$11,329,946
$20,025,913
$114,984
$328,300
$2,342,441
Liabilities and fund balances:
Liabilities:
Accounts payable
$982,815
$1,440,166
$30,527
$7,987
$-
$52,493
Due to other funds
-
-
-
-
-
405,478
Due to others
5
-
-
-
-
343
Advances from other funds
-
-
-
-
-
-
Deposits held for others
-
-
-
-
-
-
Unearned revenue
-
228,500
-
-
-
81,081
Total liabilities:
982,820
1,668,666
30,527
7,987
-
539,395
Deferred inflows of resources
Unavailable revenues
-
-
-
-
-
-
Fund balances:
Restricted
12,969,163
9,661,280
19,995,386
106,997
328,300
1,803,046
Committed
-
-
-
-
-
-
Assigned
-
-
-
-
-
-
Unassigned
-
-
-
-
-
-
Total fund balances (deficit)
12,969,163
9,661,280
19,995,386
106,997
328,300
1,803,046
Total liabilities and fund balances
$13,951,983
$11,329,946
$20,025,913
$114,984
$328,300
$2,342,441


89

City of San Buenaventura
Combining Balance Sheet
Non-Major Governmental Funds
June 30, 2019

Special Revenue

Housing & Community Development Block Grant Fund
Public Art Fund
Downtown Parking District
Maintenance Assessment District
Street Lighting District
Successor Housing Agency Fund
Assets:
Cash and investments
$1,197,500
$1,764,472
$681,346
$2,652,206
$14
$-
Restricted cash and investments
-
-
-
-
-
-
Accounts receivable, net
-
-
20,723
18,054
27,255
-
Interest receivable
2,252
3,854
1,473
5,193
36
132
Due from other funds
-
-
-
-
-
235,667
Due from others
13,995
-
3,370
-
-
-
Due from other governments
602,626
-
-
-
109
-
Inventory, prepaid and other items
-
-
-
-
-
-
Loans and notes receivable
5,056,005
-
-
-
-
4,681,660
Due from Successor Agency
-
1,224,107
-
-
-
1,006,236
Total assets:
$6,872,378
$2,992,433
$706,912
$2,675,453
$27,414
$5,923,695
Liabilities and fund balances:
Liabilities:
Accounts payable
$54,542
$-
$6,519
$15,761
$18,196
$9,789
Due to other funds
235,667
-
-
-
-
105,725
Due to others
5,180,155
-
6,616
-
-
-
Advances from other funds
-
-
1,020,409
-
-
-
Deposits held for others
-
-
-
197,603
-
-
Unearned revenue
300,000
-
-
-
-
80,097
Total liabilities:
5,770,364
-
1,033,544
213,364
18,196
195,611
Deferred inflows of resources
Unavailable revenues
-
224,107
-
-
-
730,356
Fund balances:
Restricted
1,102,014
2,768,326
-
2,462,089
9,218
4,997,728
Committed
-
-
-
-
-
-
Assigned
-
-
-
-
-
-
Unassigned
-
-
(326,632)
-
-
-
Total fund balances (deficit)
1,102,014
2,768,326
(326,632)
2,462,089
9,218
4,997,728
Total liabilities and fund balances
$6,872,378
$2,992,433
$706,912
$2,675,453
$27,414
$5,923,695

90

City of San Buenaventura
Combining Balance Sheet
Non-Major Governmental Funds
June 30, 2019

Capital Projects
Debt Service


Capital Program Funds
Debt Service Fund-Parking Structure
Debt Service Obligation Fund
Total Other Governmental Funds
Assets:
Cash and investments
$11,262,152
$-
$-
$60,048,569
Restricted cash and investments
-
732,955
5,947,660
6,680,615
Accounts receivable, net
-
-
-
686,752
Interest receivable
23,627
1,462
-
121,254
Due from other funds
-
-
-
235,667
Due from others
2,686
-
-
301,916
Due from other governments
743,643
-
-
5,729,146
Inventory, prepaid and other items
-
-
-
5,610
Loans and notes receivable
502,709
-
-
10,468,874
Due from Successor Agency
-
-
-
2,230,343
Total assets:
$12,534,817
$734,417
$5,947,660
$86,508,746
Liabilities and fund balances:
Liabilities:
Accounts payable
$10,655
$-
$-
$2,629,450
Due to other funds
-
-
-
746,870
Due to others
-
-
-
5,187,119
Advances from other funds
-
-
-
1,020,409
Deposits held for others
-
-
-
197,603
Unearned revenue
502,709
-
-
1,192,387
Total liabilities:
513,364
-
-
10,973,838
Deferred inflows of resources
Unavailable revenues
-
-
-
954,463
Fund balances:
Restricted
-
734,417
5,947,660
62,885,624
Committed
3,285,387
-
-
3,285,387
Assigned
8,736,066
-
-
8,736,066
Unassigned
-
-
-
(326,632)
Total fund balances (deficit)
12,021,453
734,417
5,947,660
74,580,445
Total liabilities and fund balances
$12,534,817
$734,417
$5,947,660
$86,508,746

91

City of San Buenaventura
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Non-Major Governmental Funds
For the year ended June 30, 2019


Special Revenue

Measure O-Transaction & Use Tax Fund
Gas Tax Fund
Transportation Fund
Transportation Development Act Program Funds
Law Enforcement Funds
General & Categorical Grants Fund
Revenues:
Taxes
$13,083,929
$-
$1,372,852
$-
$-
$-
Intergovernmental
-
5,158,350
-
281,388
257,621
3,147,301
Charges for services
-
-
-
-
-
722,600
Use of money and property
327,849
104,211
587,105
5,619
9,532
6,042
Other revenue
1,992
7,653
3,903
45
65
1,206,297
Total revenues
13,413,770
5,270,214
1,963,860
287,052
267,218
5,082,240
Expenditures:
Current:
General Government
130,956
-
-
-
-
571,108
Finance and Technology
-
-
-
-
-
408
Community Development
-
-
-
-
-
-
Parks, Rec & Com Partnerships
2,117,803
-
-
64,511
-
411,316
Public Safety - Police
2,057,903
-
-
-
208,529
1,005,419
Public Safety - Fire
1,746,970
-
-
-
-
831,657
Public Works
3,245,361
2,324,032
119,106
240,718
-
1,262,669
Capital outlay
1,079,216
1,519,397
970,604
96,947
-
1,093
Debt Service:
Principal retirement
-
-
-
-
-
-
Interest and other charges
-
-
-
-
-
-
Total expenditures
10,378,209
3,843,429
1,089,710
402,176
208,529
4,083,670
Revenues over (under) expenditures
3,035,561
1,426,785
874,150
(115,124)
58,689
998,570
Other financing sources (uses):
Transfers in
-
126,217
-
-
-
5,982
Transfers out
(13,687)
(95,476)
-
(13,717)
-
-
Total other financing sources (uses)
(13,687)
30,741
-
(13,717)
-
5,982
Net change in fund balances
3,021,874
1,457,526
874,150
(128,841)
58,689
1,004,552
Fund balances:
Beginning of year
9,947,289
8,203,754
19,121,236
235,838
269,611
798,494
Prior Period Adjustment
-
-
-
-
-
-
Beginning Fund Balance , Restated
9,947,289
8,203,754
19,121,236
235,838
269,611
798,494
End of year
$12,969,163
$9,661,280
$19,995,386
$106,997
$328,300
$1,803,046


92

City of San Buenaventura
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Non-Major Governmental Funds
For the year ended June 30, 2019

Special Revenue

Housing & Community Development Block Grant Fund
Public Art Fund
Downtown Parking District
Maintenance Assessment District
Street Lighting District
Successor Housing Agency Fund
Revenues:
Taxes
$-
$-
$-
$707,614
$883,141
$-
Intergovernmental
646,802
1,200
-
-
-
-
Charges for services
-
-
614,969
-
-
-
Use of money and property
41,256
51,399
635,514
70,029
1,711
12,126
Other revenue
224
(1,458)
250
95,533
-
-
Total revenues
688,282
51,141
1,250,733
873,176
884,852
12,126
Expenditures:
Current:
General Government
-
-
25,081
-
-
-
Finance and Technology
-
-
-
-
-
-
Community Development
470,422
-
-
-
-
109,843
Parks, Rec & Com Partnerships
-
10,899
-
3,572
-
-
Public Safety - Police
-
-
-
-
-
-
Public Safety - Fire
-
-
-
-
-
-
Public Works
-
-
755,926
506,501
1,256,513
-
Capital outlay
40,721
-
-
-
-
-
Debt Service:
Principal retirement
-
-
-
-
-
-
Interest and other charges
-
-
-
-
-
-
Total expenditures
511,143
10,899
781,007
510,073
1,256,513
109,843
Revenues over (under) expenditures
177,139
40,242
469,726
363,103
(371,661)
(97,717)
Other financing sources (uses):
Transfers in
-
55,907
-
-
462,029
-
Transfers out
-
-
-
(114,604)
-
-
Total other financing sources (uses)
-
55,907
-
(114,604)
462,029
-
Net change in fund balances
177,139
96,149
469,726
248,499
90,368
(97,717)
Fund balances:
Beginning of year
924,875
2,969,881
(796,358)
2,213,590
(81,150)
5,095,445
Prior Period Adjustment
-
(297,704)
-
-
-
-
Beginning Fund Balance , Restated
924,875
2,672,177
(796,358)
2,213,590
(81,150)
5,095,445
End of year
$1,102,014
$2,768,326
$(326,632)
$2,462,089
$9,218
$4,997,728
93

City of San Buenaventura
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Non-Major Governmental Funds
For the year ended June 30, 2019

Capital Projects
Debt Service


Capital Program Funds
Debt Service Fund-Parking Structure
Debt Service Obligation Fund
Total Other Governmental Funds
Revenues:
Taxes
$1,609,887
$-
$-
$17,657,423
Intergovernmental
743,643
-
-
10,236,305
Charges for services
-
-
-
1,337,569
Use of money and property
329,395
16,391
42,972
2,241,151
Other revenue
82,318
-
-
1,396,822
Total revenues
2,765,243
16,391
42,972
32,869,270
Expenditures:
Current:
General Government
-
-
-
727,145
Finance and Technology
-
-
-
408
Community Development
-
-
-
580,265
Parks, Rec & Com Partnerships
13,187
-
-
2,621,288
Public Safety - Police
-
-
-
3,271,851
Public Safety - Fire
-
-
-
2,578,627
Public Works
61,574
-
-
9,772,400
Capital outlay
743,776
-
-
4,451,754
Debt Service:
Principal retirement
-
255,000
1,215,000
1,470,000
Interest and other charges
-
338,631
876,532
1,215,163
Total expenditures
818,537
593,631
2,091,532
26,688,901
Revenues over (under) expenditures
1,946,706
(577,240)
(2,048,560)
6,180,369
Other financing sources (uses):
Transfers in
5,000
593,350
2,104,476
3,352,961
Transfers out
(812)
-
-
(238,296)
Total other financing sources (uses)
4,188
593,350
2,104,476
3,114,665
Net change in fund balances
1,950,894
16,110
55,916
9,295,034
Fund balances:
Beginning of year
10,070,559
718,307
5,891,744
65,583,115
Prior Period Adjustment
-
-
-
(297,704)
Beginning Fund Balance , Restated
10,070,559
718,307
5,891,744
65,285,411
End of year
$12,021,453
$734,417
$5,947,660
$74,580,445
94

City of San Buenaventura
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Measure O-Transaction & Use Tax Fund
For the year ended June 30, 2019




Budgeted Amounts
Actual
Variance
 with

Original
Final
Amounts
Final Budget
Fund balance, July 1
$9,947,289
$9,947,289
$9,947,289
$-
Resources (inflows):
Taxes
11,932,160
13,373,706
13,083,929
(289,777)
Use of money and property
-
-
327,849
327,849
Other revenue
-
-
1,992
1,992
Amount available for appropriations
11,932,160
13,373,706
13,413,770
40,064
Charges to appropriations (outflows):
General Government
225,960
125,960
130,956
(4,996)
Parks, Rec & Com Partnerships
2,967,000
3,217,000
2,117,803
1,099,197
Public Safety - Police
1,995,200
2,682,782
2,057,903
624,879
Public Safety - Fire
1,724,000
1,724,000
1,746,970
(22,970)
Public Works
1,750,000
4,535,040
3,245,361
1,289,679
Transfers out
-
13,687
13,687
-
Capital outlay
3,270,000
1,075,237
1,079,216
(3,979)
Total charges to appropriations
11,932,160
13,373,706
10,391,896
2,981,810
Excess of resources over (under)
charges for appropriations
-
-
3,021,874
3,021,874
Fund balance, June 30
$9,947,289
$9,947,289
$12,969,163
$3,021,874


95

City of San Buenaventura
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Gas Tax Fund 
For the year ended June 30, 2019




Budgeted Amounts
Actual
Variance with

Original
Final
Amounts
Final Budget
Fund balance, July 1
$8,203,754
$8,203,754
$8,203,754
$-
Resources (inflows):
Use of money and property
90,000
90,000
104,211
14,211
Other revenue
4,909,630
480,016
7,653
(472,363)
Transfers in
95,000
137,500
126,217
(11,283)
Intergovernmental
5,085,786
5,712,857
5,158,350
(554,507)
Amount available for appropriations
10,180,416
6,420,373
5,396,431
(1,023,942)
Charges to appropriations (outflows):
Public Works
311,393
2,543,400
2,324,032
219,368
Transfers out
54,068
95,476
95,476
-
Capital outlay
9,814,955
3,781,497
1,519,397
2,262,100
Total charges to appropriations
10,180,416
6,420,373
3,938,905
2,481,468
Excess of resources over (under)
charges for appropriations
-
-
1,457,526
1,457,526
Fund balance, June 30
$8,203,754
$8,203,754
$9,661,280
$1,457,526

96

City of San Buenaventura
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Transportation Fund 
For the year ended June 30, 2019




Budgeted Amounts
Actual
Variance with

Original
Final
Amounts
Final Budget
Fund balance, July 1 
$19,121,236
$19,121,236
$19,121,236
$-
Resources (inflows):
Taxes
1,200,000
1,200,000
1,372,852
172,852
Use of money and property
-
-
587,105
587,105
Other revenue
6,446,447
200,000
3,903
(196,097)
Amount available for appropriations
7,646,447
1,400,000
1,963,860
563,860
Charges to appropriations (outflows):
Public Works
-
174,367
119,106
55,261
Capital outlay
7,646,447
1,225,633
970,604
255,029
Total charges to appropriations
7,646,447
1,400,000
1,089,710
310,290
Excess of resources over (under)
charges for appropriations
-
-
874,150
874,150
Fund balance, June 30
$19,121,236
$19,121,236
$19,995,386
$874,150


97

City of San Buenaventura
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Transportation Development Act Program Funds 
For the year ended June 30, 2019




Budgeted Amounts
Actual
Variance with

Original
Final
Amounts
Final Budget
Fund balance, July 1
$235,838
$235,838
$235,838
$-
Resources (inflows):
Intergovernmental
327,675
327,675
281,388
(46,287)
Use of money and property
2,000
2,000
5,619
3,619
Other revenue
112,909
162,626
45
(162,581)
Amount available for appropriations
442,584
492,301
287,052
(205,249)
Charges to appropriations (outflows):
Parks, Rec & Com Partnerships
55,000
55,000
64,511
(9,511)
Public Works
287,584
295,584
240,718
54,866
Capital outlay
75,000
116,717
96,947
19,770
Transfers out
25,000
25,000
13,717
11,283
Total charges to appropriations
442,584
492,301
415,893
76,408
Excess of resources over (under)
charges for appropriations
-
-
(128,841)
(128,841)
Fund balance, June 30
$235,838
$235,838
$106,997
$(128,841)


98

City of San Buenaventura
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Law Enforcement Funds
For the year ended June 30, 2019




Budgeted Amounts
Actual
Variance with

Original
Final
Amounts
Final Budget
Fund balance, July 1 
$269,611
$269,611
$269,611
$-
Resources (inflows):
Use of money and property
26
26
9,532
9,506
Intergovernmental
251,515
251,515
257,621
6,106
Other revenue
44,434
44,434
65
(44,369)
Amount available for appropriations
295,975
295,975
267,218
(28,757)
Charges to appropriations (outflows):
Public Safety - Police
295,975
295,975
208,529
87,446
Total charges for appropriations
295,975
295,975
208,529
87,446
Excess of resources over (under)
charges for appropriations
-
-
58,689
58,689
Fund balance, June 30
$269,611
$269,611
$328,300
$58,689

99

City of San Buenaventura
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
General & Categorical Grants Fund 
For the year ended June 30, 2019




Budgeted Amounts
Actual
Variance with

Original
Final
Amounts
Final Budget
Fund balance, July 1 
$798,494
$798,494
$798,494
$-
Resources (inflows):
Charges for services
721,454
727,454
722,600
(4,854)
Intergovernmental
50,000
1,035,388
3,147,301
2,111,913
Use of money and property
-
-
6,042
6,042
Other revenue
1,166,044
1,293,859
1,206,297
(87,562)
Transfers in
-
2,274
5,982
3,708
Amount available for appropriations
1,937,498
3,058,975
5,088,222
2,029,247
Charges to appropriations (outflows):
General Government
-
78,686
571,108
(492,422)
Finance and Technology
-
-
408
(408)
Parks, Rec & Com Partnerships
65,000
400,200
411,316
(11,116)
Public Safety - Police
721,454
1,095,575
1,005,419
90,156
Public Safety - Fire
-
83,848
831,657
(747,809)
Public Works
1,151,044
1,318,142
1,262,669
55,473
Capital outlay
-
82,524
1,093
81,431
Total charges to appropriations
1,937,498
3,058,975
4,083,670
(1,024,695)
Excess of resources over (under)
charges for appropriations
-
-
1,004,552
1,004,552
Fund balance, June 30
$798,494
$798,494
$1,803,046
$1,004,552


100

City of San Buenaventura
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Housing & Community Development Block Grant Fund 
For the year ended June 30, 2019




Budgeted Amounts
Actual
Variance with

Original
Final
Amounts
Final Budget
Fund balance, July 1
$924,875
$924,875
$924,875
$-
Resources (inflows):
Intergovernmental
1,307,035
1,573,835
646,802
(927,033)
Use of money and property
-
-
41,256
41,256
Other revenue
2,917
295,492
224
(295,268)
Amount available for appropriations
1,309,952
1,869,327
688,282
(1,181,045)
Charges to appropriations (outflows):
Community Development
1,309,952
1,758,827
470,422
1,288,405
Capital outlay
-
110,500
40,721
(69,779)
Total charges to appropriations
1,309,952
1,869,327
511,143
1,358,184
Excess of resources over (under)
charges for appropriations
-
-
177,139
177,139
Fund balance, June 30
$924,875
$924,875
$1,102,014
$177,139


101

City of San Buenaventura
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Public Art Fund 
For the year ended June 30, 2019




Budgeted Amounts
Actual
Variance with

Original
Final
Amounts
Final Budget
Fund balance, July 1 
$2,672,177
$2,672,177
$2,672,177
$-
Resources (inflows):
Use of money and property
-
-
51,399
51,399
Other revenue
165,962
101,000
(1,458)
(102,458)
Transfers in
-
55,907
55,907
-
Intergovernmental
-
-
1,200
1,200
Amount available for appropriations
165,962
156,907
107,048
(49,859)
Charges to appropriations (outflows):
Parks, Rec & Com Partnerships
59,500
115,407
10,899
104,508
Capital outlay
106,462
41,500
-
41,500
Total charges to appropriations
165,962
156,907
10,899
146,008
Excess of resources over (under)
charges for appropriations
-
-
96,149
96,149
Fund balance, June 30
$2,672,177
$2,672,177
$2,768,326
$96,149


102

City of San Buenaventura
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Downtown Parking District
For the year ended June 30, 2019




Budgeted Amounts
Actual
Variance with

Original
Final
Amounts
Final Budget
Fund balance (deficit), July 1
$(796,358)
$(796,358)
$(796,358)
$-
Resources (inflows):
Charges for services
625,000
625,000
614,969
(10,031)
Use of money and property
602,500
602,500
635,514
33,014
Other revenue
500
500
250
(250)
Amount available for appropriations
1,228,000
1,228,000
1,250,733
22,733
Charges to appropriations (outflows):
General Government
25,085
25,085
25,081
4
Public Works
1,099,200
1,099,200
755,926
343,274
Capital outlay
47,000
47,000
-
47,000
Principal retirement
56,715
56,715
-
56,715
Total charges to appropriations
1,228,000
1,228,000
781,007
446,993
Excess of resources over (under)
charges for appropriations
-
-
469,726
469,726
Fund balance (deficit_, June 30
$(796,358)
$(796,358)
$(326,632)
$469,726


103

City of San Buenaventura
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Maintenance Assessment District 
For the year ended June 30, 2019




Budgeted Amounts
Actual
Variance with

Original
Final
Amounts
Final Budget
Fund balance, July 1
$2,213,590
$2,213,590
$2,213,590
$-
Resources (inflows):
Taxes
719,144
719,144
707,614
(11,530)
Use of money and property
-
31,097
70,029
38,932
Other revenue
9,078
13,450
95,533
82,083
Amount available for appropriations
728,222
763,691
873,176
109,485
Charges to appropriations (outflows):
Public Works
629,643
662,285
506,501
155,784
Transfers out
98,579
101,406
114,604
(13,198)
Parks, Rec & Com Partnerships
-
-
3,572
3,572
Total charges to appropriations
728,222
763,691
624,677
139,014
Excess of resources over (under)
charges for appropriations
-
-
248,499
248,499
Fund balance, June 30
$2,213,590
$2,213,590
$2,462,089
$248,499


104

City of San Buenaventura
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Street Lighting District 
For the year ended June 30, 2019




Budgeted Amounts
Actual
Variance with

Original
Final
Amounts
Final Budget
Fund balance, July 1
$(81,150)
$(81,150)
$(81,150)
$-
Resources (inflows):
Taxes
876,255
876,255
883,141
6,886
Use of money and property
500
500
1,711
1,211
Transfers in
497,948
497,948
462,029
(35,919)
Amount available for appropriations
1,374,703
1,374,703
1,346,881
(27,822)
Charges to appropriations (outflows):
Public Works
1,374,703
1,374,703
1,256,513
118,190
Total charges to appropriations
1,374,703
1,374,703
1,256,513
118,190
Excess of resources over (under)
charges for appropriations
-
-
90,368
90,368
Fund balance, June 30
$(81,150)
$(81,150)
$9,218
$90,368


105

City of San Buenaventura
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Successor Housing Agency Fund 
For the year ended June 30, 2019




Budgeted Amounts
Actual
Variance with

Original
Final
Amounts
Final Budget
Fund balance, July 1 
$5,095,445
$5,095,445
$5,095,445
$-
Resources (inflows):
Use of money and property
52,219
52,219
12,126
(40,093)
Other revenue
643
643
-
(643)
Amount available for appropriations
52,862
52,862
12,126
(40,736)
Charges to appropriations (outflows):
Community Development
52,862
52,862
109,843
(56,981)
Total charges to appropriations
52,862
52,862
109,843
(56,981)
Excess of resources over (under)
charges for appropriations
-
-
(97,717)
(97,717)
Fund balance, June 30
$5,095,445
$5,095,445
$4,997,728
$(97,717)

106

City of San Buenaventura
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Capital Program Funds 
For the year ended June 30, 2019




Budgeted Amounts
Actual
Variance with

Original
Final
Amounts
Final Budget
Fund balance, July 1
$10,070,559
$10,070,559
$10,070,559
$-
Resources (inflows):
Taxes
550,000
550,000
1,609,887
1,059,887
Intergovernmental
-
-
743,643
743,643
Use of money and property
50,000
50,000
329,395
279,395
Other revenue
1,207,000
751,045
82,318
(668,727)
Transfers in
274,300
11,000
5,000
(6,000)
Amount available for appropriations
2,081,300
1,362,045
2,770,243
1,408,198
Charges to appropriations (outflows):
Parks, Rec & Com Partnerships
-
-
13,187
(13,187)
Public Works
-
8,370
61,574
(53,204)
Capital outlay
2,081,300
1,352,863
743,776
609,087
Transfers out
-
812
812
-
Total charges to appropriations
2,081,300
1,362,045
819,349
542,696
Excess of resources over (under)
charges for appropriations
-
-
1,950,894
1,950,894
Fund balance, June 30
$10,070,559
$10,070,559
$12,021,453
$1,950,894


107

City of San Buenaventura
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Debt Service Fund-Parking Structure 
For the year ended June 30, 2019




Budgeted Amounts
Actual
Variance with

Original
Final
Amounts
Final Budget
Fund balance, July 1 
$718,307
$718,307
$718,307
$-
Resources (inflows):
Use of money and property
4,500
4,500
16,391
11,891
Transfers in
593,631
593,631
593,350
(281)
Amount available for appropriations
598,131
598,131
609,741
11,610
Charges to appropriations (outflows):
Principal retirement
255,000
255,000
255,000
-
Interest and other charges
343,131
343,131
338,631
4,500
Total charges to appropriations
598,131
598,131
593,631
4,500
Excess of resources over (under)
charges for appropriations
-
-
16,110
16,110
Fund balance, June 30
$718,307
$718,307
$734,417
$16,110


108

City of San Buenaventura
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Debt Service Obligation Fund
For the year ended June 30, 2019





Budgeted Amounts
Actual
Variance
 with

Original
Final
Amounts
Final Budget
 
Fund balance, July 1 
$5,891,744
$5,891,744
$5,891,744
$-
 
Resources (inflows)
Use of money and property
1,100
1,100
42,972
41,872
Transfers in
2,097,932
2,097,932
2,104,476
6,544
Amount available for appropriations 
2,099,032
2,099,032
2,147,448
48,416
 
Charges to appropriations (outflows) 
Principal retirement
1,215,000
1,215,000
1,215,000
-
Interest and other charges
884,032
884,032
876,532
7,500
Total charges to appropriations 
2,099,032
2,099,032
2,091,532
7,500
Excess of resources over (under) charges for appropriations
-
-
55,916
55,916
Fund balances, June 30 
$5,891,744
$5,891,744
$5,947,660
$55,916



109

img6b22.png


img6829.png


City of San Buenaventura
Combining Statement of Net Position
Internal Service Funds
June 30, 2019

Information Technology
Fleet Maintenance
Facilities Maintenance
Digital Publishing
Assets:
Current assets:
Cash and investments
$4,336,901
$2,896,284
$765,189
$419,138
Accounts receivable, net
-
3,290
1,606
-
Interest receivable
16,822
9,565
2,050
1,532
Due from others
23,382
258
3,154
-
Due from other governments
-
537
-
-
Inventory, prepaid and other items
-
82,886
-
-
Total current assets:
4,377,105
2,992,820
771,999
420,670
Non-current assets:
Investment
3,129,334
2,089,843
552,129
302,433
Capital assets:
Non-depreciable
591,881
-
-
-
Depreciable, net
708,493
12,029,442
736,218
2,838
Total non-current assets:
1,300,374
12,029,442
736,218
2,838
Total assets:
8,806,813
17,112,105
2,060,346
725,941
Deferred outflows of resources
Deferred outflows - pensions
353,426
183,937
165,250
62,228
Liabilities:
Current liabilities:
Accounts payable
161,122
477,447
299,278
4,624
Accrued payroll liabilities
-
-
-
-
Due to others
24
-
313
-
Claims and judgments payable-current
-
-
-
-
Compensated absences payable-current
-
-
-
-
Total current liabilities:
161,146
477,447
299,591
4,624
Non-current liabilities
Claims and judgments payable
-
-
-
-
Compensated absences payable
-
-
-
-
Loans payable
-
-
17,894
-
Net pension liability
2,120,193
1,103,434
991,329
373,305
Total non-current liabilities
2,120,193
1,103,434
1,009,223
373,305
Total liabilities:
2,281,339
1,580,881
1,308,814
377,929
Deferred inflow of resources:
Deferred inflows
43,953
22,875
20,551
7,739
Net position
Invested in capital assets
1,300,374
12,029,442
718,324
2,839
Unrestricted
5,534,573
3,662,844
177,907
399,662
Total net position
$6,834,947
$15,692,286
$896,231
$402,501


110

City of San Buenaventura
Combining Statement of Net Position
Internal Service Funds
June 30, 2019

Workers Compensation
Employee Fringe Benefits
Risk Management
Total
Assets:
Current assets:
Cash and investments
$1,876,782
$2,976,063
$2,101,899
$15,372,256
Accounts receivable, net
180
2,209
-
7,285
Interest receivable
6,977
3,131
8,088
48,165
Due from others
152
8,000
-
34,946
Due from other governments
-
-
692,607
693,144
Inventory, prepaid and other items
-
-
-
82,886
Total current assets:
1,884,091
2,989,403
2,802,594
16,238,682
Non-current assets:
Investment
1,354,211
2,147,408
1,516,646
11,092,004
Capital assets:
Non-depreciable
-
-
-
591,881
Depreciable, net
-
-
6,411
13,483,402
Total non-current assets:
-
-
6,411
14,075,283
Total assets:
3,238,302
5,136,811
4,325,651
41,405,969
Deferred outflows of resources
Deferred outflows - pensions
29,733
272,354
38,283
1,105,211
Liabilities:
Current liabilities:
Accounts payable
3,142
7,941
699,333
1,652,887
Accrued payroll liabilities
-
5,999,832
-
5,999,832
Due to others
15
-
4,750,477
4,750,829
Claims and judgments payable-current
1,897,440
-
903,759
2,801,199
Compensated absences payable-current
-
710,459
-
710,459
Total current liabilities:
1,900,597
6,718,232
6,353,569
15,915,206
Non-current liabilities
Claims and judgments payable
12,108,665
-
5,877,482
17,986,147
Compensated absences payable
-
5,897,492
-
5,897,492
Loans payable
-
-
-
17,894
Net pension liability
178,368
1,633,843
229,656
6,630,128
Total non-current liabilities
12,287,033
7,531,335
6,107,138
30,531,661
Total liabilities:
14,187,630
14,249,567
12,460,707
46,446,867
Deferred inflow of resources:
Deferred inflows
3,698
33,870
4,761
137,447
Net position
Invested in capital assets
-
-
6,411
14,057,390
Unrestricted
(10,923,293)
(8,874,272)
(8,107,945)
(18,130,524)
Total net position
$(10,923,293)
$(8,874,272)
$(8,101,534)
$(4,073,134)
111

City of San Buenaventura
Combining Statement of Revenues, Expenses and Changes in Net Position
Internal Service Funds
For the Year Ended June 30, 2019


Information Technology
Fleet Maintenance
Facilities Maintenance
Digital Publishing
Operating revenues:
Internal service charges
$4,680,347
$5,735,788
$4,245,319
$420,232
Use of money and property
(2,340)
57,626
302
-
Other revenue
12,959
109,522
21,258
303
Total operating revenues:
4,690,966
5,902,936
4,266,879
420,535
Operating expenses:
Salaries and benefits
1,924,824
919,270
904,471
304,498
Contractual services
759,066
273,199
1,780,932
65,610
Materials and supplies
139,771
1,621,505
18,456
51,261
General and administrative
1,556,967
313,630
950,910
41,431
Insurance premiums and settlements
-
-
-
-
Depreciation
86,904
1,044,082
47,023
1,481
Total operating expenses:
4,467,532
4,171,686
3,701,792
464,281
Operating income (loss)
223,434
1,731,250
565,087
(43,746)
Non-operating revenues (expenses):
Investment income
232,182
129,189
31,084
21,058
Interest expense
-
-
(1,219)
-
Fire loss insurance recovery
-
-
-
-
Total non-operating revenues (expenses):
232,182
129,189
29,865
21,058
Income (loss) before transfers
455,616
1,860,439
594,952
(22,688)
Transfers in
-
55,151
21,475
-
Transfers out
-
-
(55,151)
-
Change in net position
455,616
1,915,590
561,276
(22,688)
Net position
Beginning of year, as previously reported
6,379,331
13,776,696
334,955
425,189
Prior period adjustment
-
-
-
-
Beginning of year, as restated
6,379,331
13,776,696
334,955
425,189
End of year
$6,834,947
$15,692,286
$896,231
$402,501


112

City of San Buenaventura
Combining Statement of Revenues, Expenses and Changes in Net Position
Internal Service Funds
For the Year Ended June 30, 2019

Workers Compensation
Employee Fringe Benefits
Risk Management
Total
Operating revenues:
Internal service charges
$2,727,491
$1,549,586
$1,899,373
$21,258,136
Use of money and property
-
-
2
55,590
Other revenue
113,192
13,854
49
271,137
Total operating revenues:
2,840,683
1,563,440
1,899,424
21,584,863
Operating expenses:
Salaries and benefits
-
1,657,210
-
5,710,273
Contractual services
394,253
51,733
464,046
3,788,839
Materials and supplies
101
7,495
-
1,838,589
General and administrative
106,839
93,162
63,341
3,126,280
Insurance premiums and settlements
4,521,789
35,638
5,200,819
9,758,246
Depreciation
-
-
432
1,179,922
Total operating expenses:
5,022,982
1,845,238
5,728,638
25,402,149
Operating income (loss)
(2,182,299)
(281,798)
(3,829,214)
(3,817,286)
Non-operating revenues (expenses):
Investment income
93,865
7,537
39,768
554,683
Interest expense
-
-
-
(1,219)
Fire loss insurance recovery
-
-
39,586
39,586
Total non-operating revenues (expenses):
93,865
7,537
79,354
593,050
Income (loss) before transfers
(2,088,434)
(274,261)
(3,749,860)
(3,224,236)
Transfers in
-
-
-
76,626
Transfers out
-
-
-
(55,151)
Change in net position
(2,088,434)
(274,261)
(3,749,860)
(3,202,761)
Net position
Beginning of year, as previously reported
(8,834,859)
(8,600,011)
(9,130,643)
(5,649,342)
Prior period adjustment
-
-
4,778,969
4,778,969
Beginning of year, as restated
(8,834,859)
(8,600,011)
(4,351,674)
(870,373)
End of year
$(10,923,293)
$(8,874,272)
$(8,101,534)
$(4,073,134)
113

City of San Buenaventura
Combining Statement of Cash Flows
Internal Service Funds
For the year ended June 30, 2019

Information Technology
Fleet Maintenance
Facilities Maintenance
Digital Publishing
Cash flows from operating activities: 
Cash receipts from customers/other funds
$4,669,962
$5,828,904
$4,262,535
$420,535
Cash payment to suppliers for goods and services
(2,483,515)
(1,995,472)
(2,742,880)
(164,571)
Cash payments to employees for services
(1,906,432)
(916,644)
(821,385)
(257,505)
Deposits held for others
-
-
(200)
-
Fire loss insurance recovery
-
21,283
-
-
Cash paid for Insurance premiums
-
-
-
-
 
Net cash provided (used) by operating activities 
280,015
2,938,071
698,070
(1,541)
 
Cash flows from noncapital financing activities 
Transfers to other funds
-
-
(55,151)
-
Transfers from other funds
-
55,151
21,475
-
-
-
-
-
 
Net cash provided (used) by noncapital financing activities 
-
55,151
(33,676)
-
 
Cash flows from capital and related financing activities: 
Purchase of capital assets
(866,950)
(2,039,662)
-
-
Payment of bond principal
-
-
(17,208)
-
Proceeds from the sale of assets
-
56,168
302
-
Interest paid on debt
-
-
(1,219)
-
 
Net cash provided (used) by capital and related financing activities 
(866,950)
(1,983,494)
(18,125)
-
 
Cash flows from investing activities: 
Investment income
7,484
3,321
490
656
Loss on investments
225,714
124,908
29,902
20,461
 
Net cash provided (used) by investing activities 
233,198
128,229
30,392
21,117
 
Net increase (decreases) in cash and cash equivalents 
(353,737)
1,137,957
676,661
19,576
Cash and investments, Beginning of year
7,819,971
3,848,170
640,658
701,995
Cash and cash investments, End of year 
$7,466,235
$4,986,127
$1,317,318
$721,571
Reconciliation of operating income (loss) to net cash provided (used) by operating activities:
Operating income (loss)
$225,774
$1,675,081
$564,785
$(43,746)
Adjustments to reconcile operating income (loss) to net cash provided (used) by operating activities: 
Depreciation
86,904
1,044,081
47,023
1,481
Changes in assets and liabilities: 
Accounts receivable
-
(1,625)
(1,607)
-
Accrued payroll liabilities
-
-
-
-
Deposits held for others
-
-
(200)
-
Due from other governments
-
-
-
-
Due from others
(23,346)
5,048
(2,436)
-
Prepaid expenses
-
23,482
-
-
Accounts payable
(27,588)
189,914
7,105
(6,268)
Deferred outflows - pension
243,954
129,279
89,237
28,370
Net pension liability
(202,736)
(114,515)
1,747
21,010
Deferred inflows - pension
(22,825)
(12,138)
(7,897)
(2,388)
Due to other governments
(123)
(537)
313
-
Claims and judgments payable
-
-
-
-
Compensated absences payable
-
-
-
-
Total adjustments
54,240
1,262,989
133,285
42,205
 
Net cash provided (used) by operating activities: 
$280,014
$2,938,071
$698,070
$(1,541)

114

City of San Buenaventura
Combining Statement of Cash Flows
Internal Service Funds
For the year ended June 30, 2019

Workers Compensation
Employee Fringe Benefits
Risk Management
Total
Cash flows from operating activities: 
Cash receipts from customers/other funds
$2,840,802
$1,695,228
$2,392,120
$22,110,086
Cash payment to suppliers for goods and services
(509,362)
55,407
(1,579,058)
(9,419,451)
Cash payments to employees for services
(34,103)
(368,031)
(716,925)
(5,021,025)
Deposits held for others
-
-
-
(200)
Fire loss insurance recovery
-
-
4,778,969
4,800,252
Cash paid for Insurance premiums
(2,425,526)
(35,638)
(2,836,363)
(5,297,527)
 
Net cash provided (used) by operating activities 
(128,189)
1,346,966
2,038,743
7,172,135
 
Cash flows from noncapital financing activities 
Transfers to other funds
-
-
-
(55,151)
Transfers from other funds
-
-
-
76,626
-
-
39,586
39,586
 
Net cash provided (used) by noncapital financing activities 
-
-
39,586
61,061
 
Cash flows from capital and related financing activities: 
Purchase of capital assets
-
-
-
(2,906,612)
Payment of bond principal
-
-
-
(17,208)
Proceeds from the sale of assets
-
-
-
56,470
Interest paid on debt
-
-
-
(1,219)
 
Net cash provided (used) by capital and related financing activities 
-
-
-
(2,868,569)
 
Cash flows from investing activities: 
Investment income
3,133
3,797
180
19,061
Loss on investments
91,189
6,767
35,870
534,811
 
Net cash provided (used) by investing activities 
94,322
10,564
36,050
553,872
 
Net increase (decreases) in cash and cash equivalents 
(33,867)
1,357,530
2,114,379
4,918,499
Cash and investments, Beginning of year
3,264,860
3,765,942
1,504,165
21,545,761
Cash and cash investments, End of year 
$3,230,993
$5,123,472
$3,618,545
$26,464,260
Reconciliation of operating income (loss) to net cash provided (used) by operating activities:
Operating income (loss)
$(2,182,299)
$(281,798)
$(3,829,214)
$(3,871,416)
Adjustments to reconcile operating income (loss) to net cash provided (used) by operating activities: 
Depreciation
-
-
432
1,179,921
Changes in assets and liabilities: 
Accounts receivable
271
20,604
-
17,643
Accrued payroll liabilities
-
1,025,616
-
1,025,616
Deposits held for others
-
-
-
(200)
Due from other governments
-
-
6,531,377
6,531,377
Due from others
(152)
13,684
(1,259,710)
(1,266,912)
Prepaid expenses
-
242,563
-
266,045
Accounts payable
(8,175)
(34,767)
(1,186,671)
(1,066,450)
Deferred outflows - pension
32,406
104,872
266,038
894,156
Net pension liability
(63,262)
166,990
(953,707)
(1,144,473)
Deferred inflows - pension
(3,248)
(8,298)
(29,257)
(86,051)
Due to other governments
6
-
135,000
134,659
Claims and judgments payable
2,096,263
-
2,364,455
4,460,718
Compensated absences payable
-
97,500
-
97,500
Total adjustments
2,054,109
1,628,764
5,867,957
11,043,549
 
Net cash provided (used) by operating activities: 
$(128,191)
$1,346,966
$2,038,743
$7,172,134
115

img3b95.png

img4539.png

City of San Buenaventura
Combining Statement of Assets and Liabilities
Agency Fund
June 30, 2019




Property Based Improvement District
Assets:
Cash and investments
$109,621
Interest receivable
304
Accounts receivable, net
5,546
Total assets:
$115,471
Liabilities:
Deposits held for others
115,471
Total liabilities:
$115,471


116

City of San Buenaventura
Combining Statement of Changes in Assets and Liabilities 
Agency Fund
For the Year Ended June 30, 2019


Balance
 July 1, 2018
Additions
Deductions
Balance
 June 30, 2019
Property Based Improvement District
Assets:
Cash and equivalents
$107,940
$497,624
$495,943
$109,621
Interest Receivable
116
188
-
304
Accounts receivable
30,193
197,535
222,182
5,546
Due from others
7,015
-
7,015
-
Total assets
$145,264
$695,347
$725,140
$115,471
Liabilities:
Deposits held for others
145,264
333,391
363,184
115,471
Total liabilities
$145,264
$333,391
$363,184
$115,471

117

img368c.png

img4f19.png

City of San Buenaventura
Index to the Statistical Section
For the year ended June 30, 2019
STATISTICAL SECTION


Page




118

City of San Buenaventura
Index to the Statistical Section
For the year ended June 30, 2019
Financial Trends
These schedules contain trend information to help the reader understand how the government's financial perfo



119

City of San Buenaventura
Index to the Statistical Section
For the year ended June 30, 2019



Net Position by Component - Last Ten Fiscal Years
120






Changes in Net Position - Last Ten Fiscal Years
121






Fund Balances of Governmental Funds - Last Ten Fiscal Years
123






Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years
124




Revenue Capacity



120

City of San Buenaventura
Index to the Statistical Section
For the year ended June 30, 2019
These schedules contain information to help the reader assess the government's most significant local revenue source, the property tax.






Assessed Value of Taxable Property - Last Ten Fiscal Years
125






Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years
126




121

City of San Buenaventura
Index to the Statistical Section
For the year ended June 30, 2019


Principal Property Taxpayers - Current Year and Nine Years Ago
127






Property Tax Levies and Collections - Last Ten Fiscal Years
128




Debt Capacity



122

City of San Buenaventura
Index to the Statistical Section
For the year ended June 30, 2019
These schedules present information to help the reader assess the affordability of the government's current levels of outstanding debt and the government



123

City of San Buenaventura
Index to the Statistical Section
For the year ended June 30, 2019



Ratios of Outstanding Debt by Type - Last Ten Fiscal Years
129






Direct and Overlapping Debt - June 30, 2019
130






Legal Debt Margin Information - Last Nine Fiscal Years
131






Pledged Wastewater Revenue Coverage - Last Ten Fiscal Years
132






Pledged Water Revenue Coverage - Last Ten Fiscal Years
133




124

City of San Buenaventura
Index to the Statistical Section
For the year ended June 30, 2019
Demographic and Economic Information



125

City of San Buenaventura
Index to the Statistical Section
For the year ended June 30, 2019
These schedules offer demographic and economic indicators to help the reader understand the environment within the government's financial activities



126

City of San Buenaventura
Index to the Statistical Section
For the year ended June 30, 2019



Demographic and Economic Statistics - Last Ten Calendar Years
134






Full-Time City Employees by Function - Last Ten Fiscal Years
135






Principal Employers - Current Year and Ten Years Ago
136




127

City of San Buenaventura
Index to the Statistical Section
For the year ended June 30, 2019



Operating Information



128

City of San Buenaventura
Index to the Statistical Section
For the year ended June 30, 2019
These schedules contain service and infrastructure data to help the reader understand how information in the government's financial re



129

City of San Buenaventura
Index to the Statistical Section
For the year ended June 30, 2019



Operating Indicators by Function - Last Ten Fiscal Years
137






Capital Assets Statistics by Function - Last Ten Fiscal Years
138






Wastewater Service Rates - Last Ten Fiscal Years
139






Wastewater Customers - Current Year and Eight Years Ago
140






Water Sold by Type of Customer - Last Ten Fiscal Years
141






Water Rates - Last Ten Fiscal Years
142






Water Customers - Current Year and Nine Years Ago
143




130

City of San Buenaventura
Index to the Statistical Section
For the year ended June 30, 2019
ANNUAL CONTINUING DISCLOSURE REQUIREMENTS (unaudited)



131

City of San Buenaventura
Index to the Statistical Section
For the year ended June 30, 2019
On November 10, 1994, the Securities and Exchange Commission adopted a regulation requiring annual disclosure for most municipal securitie



132

City of San Buenaventura
Index to the Statistical Section
For the year ended June 30, 2019
133

City of San Buenaventura
Index to the Statistical Section
For the year ended June 30, 2019



Annual Continuing Disclosure Requirements Public Facilities Financing Authority
144
134

City of San Buenaventura
Index to the Statistical Section
For the year ended June 30, 2019






Public Facilities Financing Authority - Summary of Certificates of Participation
145






2012 COP, Wastewater Revenue - Historic Operating Results
146






2012 COP, Wastewater Revenue - Historic Usage, Connections, and Flow Charges
148






2012 COP, Wastewater Revenue - Top Ten Customers
149






Historic Water System Deliveries in Acre Feet Per Year
150






2012 COP, Water Revenue - Historic Operating Results
151






2012 COP, Water Revenue - Historic and Projected Water Supply
153






2012 COP, Water Revenue - Historic Service Charges and Sales Revenues
154






2012 COP, Water Revenue - Top Ten Customers
155






2012 COPs, Water and Wastewater - Utility Rates
156






Employee Relations and Collective Bargaining
157




135

City of San Buenaventura
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)


Fiscal Year

2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
Governmental activities:
Net investment in capital assets
$123,685,003
$124,045,857
$114,572,761
$113,550,985
$113,452,234
$102,759,488
$89,591,900
$90,725,614
$77,321,482
$75,888,305
Restricted
69,166,923
67,478,399
56,033,723
55,131,720
41,324,710
48,831,257
43,584,613
46,682,770
34,753,149
35,392,720
Unrestricted
(136,795,837)
(135,445,468)
(114,868,346)
(118,253,690)
(106,690,014)
41,808,297
46,572,017
39,792,700
49,188,852
54,178,778
Total governmental activities net position
56,056,089
56,078,788
55,738,138
50,429,015
48,086,930
193,399,042
179,748,530
177,201,084
161,263,483
165,459,803
Business-type activities:
Invested in capital assets
107,585,988
115,380,451
130,741,697
138,343,168
139,338,331
141,570,254
114,667,356
138,392,282
141,883,333
135,783,591
Restricted
126,553,772
110,265,449
110,957,971
105,959,728
33,321,579
31,239,002
55,664,645
42,864,420
31,501,671
36,598,184
Unrestricted
(3,440,071)
(7,244,323)
(38,500,582)
(49,386,688)
15,240,232
28,325,260
22,367,910
7,249,397
18,251,002
46,699,760
Total business-type activities net position
230,699,689
218,401,577
203,199,086
194,916,208
187,900,142
201,134,516
192,699,911
188,506,099
191,636,006
219,081,535
Primary government:
Net investment in capital assets
231,270,991
239,426,308
245,314,458
251,894,153
252,790,565
244,329,742
204,259,256
229,117,896
219,204,815
211,671,896
Restricted
195,720,695
177,743,848
166,991,694
161,091,448
74,646,289
80,070,259
99,249,258
89,547,190
66,254,820
71,990,904
Unrestricted
(140,235,908)
(142,689,791)
(153,368,928)
(167,640,378)
(91,449,782)
70,133,557
68,939,927
47,042,097
67,439,854
100,878,538
Total primary government net position
$286,755,778
$274,480,365
$258,937,224
$245,345,223
$235,987,072
$394,533,558
$372,448,441
$365,707,183
$352,899,489
$384,541,338

Source: The Comprehensive Annual Financial Report.

136

City of San Buenaventura
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)


Fiscal Year

2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
Expenses:
Governmental activities:
General government
$6,575,185
$13,975,846
$11,823,676
$5,919,013
$4,178,978
$3,612,121
$3,587,971
$3,838,752
$2,938,785
$4,057,019
Human resources
7,695,226
10,250,155
965,732
872,187
827,259
760,624
818,497
935,426
757,721
998,303
Finance and technology
4,014,268
5,509,631
5,113,075
7,336,976
9,704,703
6,531,954
6,289,356
6,903,495
8,974,168
7,211,920
Community development
10,187,823
11,034,780
8,495,643
7,132,825
6,071,714
6,773,048
7,824,888
8,821,255
9,784,289
8,061,820
Parks, Rec & Com Partnerships
24,940,850
22,396,139
16,189,033
15,338,177
12,816,648
13,300,894
13,858,724
13,874,230
12,857,684
7,662,891
Public safety- police
48,610,770
47,331,886
38,224,630
34,503,173
33,343,473
30,796,108
29,862,122
30,232,208
29,709,223
30,974,131
Public safety- fire
26,148,816
24,969,466
20,235,355
18,886,345
18,391,256
16,602,525
16,529,573
16,587,189
15,218,015
19,261,764
Public works
23,566,737
18,411,716
18,072,978
18,803,262
15,426,427
15,625,636
17,051,598
18,802,668
17,150,786
21,904,812
Interest on long-term debt
1,215,162
1,237,390
1,653,051
1,437,652
1,577,016
1,692,891
1,615,215
2,720,811
5,057,876
3,804,449
Total governmental activities expenses
152,954,837
155,117,009
120,773,173
110,229,610
102,337,474
95,695,801
97,437,944
102,716,034
102,448,547
103,937,109
Business-type activities:
Wastewater
23,622,889
18,164,939
17,826,041
17,562,822
16,552,015
14,648,974
15,582,433
18,525,753
17,091,823
15,095,598
Water
32,987,747
26,765,476
29,310,973
27,971,611
27,661,529
25,723,561
25,876,190
22,857,394
20,940,661
20,196,960
Golf
-
-
4,890,729
4,952,883
5,443,504
4,612,001
4,660,531
4,705,147
4,737,086
4,735,269
Total business-type activities expenses
56,610,636
44,930,415
52,027,743
50,487,316
49,657,048
44,984,536
46,119,154
46,088,294
42,769,570
40,027,827
Total primary government expenses
209,565,473
200,047,424
172,800,916
160,716,926
151,994,522
140,680,337
143,557,098
148,804,328
145,218,117
143,964,936
Program revenues:
Governmental activities:
Charges for services:
Charges for Services - General government
5,021,376
4,392,359
3,906,345
120,394
2,234
5,936
4,370
1,474,049
952,233
837,862
Charges for Services - Human resources
19,352
74,217
75
15
30
30
99
320,472
132,793
132,913
Charges for Services - Finance and technology
107,574
353,409
131,647
3,931,324
4,504,144
4,770,606
4,305,576
2,345,531
1,725,803
1,886,441
Charges for Services - Community development
7,542,006
5,661,001
7,393,228
3,532,491
3,698,719
1,424,544
1,405,753
1,047,892
1,048,606
783,815
Charges for Services - Parks, Rec & Com partnershi
9,948,290
9,178,436
4,368,682
3,555,346
3,250,767
3,085,551
3,107,603
2,695,290
2,693,611
2,464,904
Charges for Services - Police
4,626,276
6,297,197
3,475,466
3,604,792
3,238,310
3,567,758
2,540,624
3,121,447
2,742,998
2,914,190
Charges for Services - Fire
1,319,088
1,722,570
1,551,700
1,460,158
1,359,050
2,916,017
3,082,025
2,168,313
3,311,170
2,695,415
Charges for Services - Public Works
3,033,794
3,162,758
1,782,291
3,988,248
2,664,049
2,987,491
1,816,233
1,901,858
2,146,823
2,377,214
Operating grants and contributions
7,107,438
10,044,302
9,004,998
8,731,522
10,044,302
10,649,723
7,515,700
9,593,101
10,589,500
12,243,054
Capital grants and contributions
3,465,579
3,888,571
6,562,476
3,919,105
3,888,571
2,502,681
2,722,940
2,097,184
1,475,426
1,713,185
Total governmental activities program revenues
42,190,773
47,389,250
38,176,908
32,843,395
32,650,176
31,910,337
26,500,923
26,765,137
26,818,963
28,048,993
Source: The Comprehensive Annual Financial Report.

137

City of San Buenaventura
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)

Fiscal Year

2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
Business-type activities:
Charges for services:
Charges for services Wastewater
28,039,107
26,519,820
24,547,931
23,076,939
22,333,000
19,959,617
19,143,025
17,221,369
16,326,078
16,978,451
Charges for services Water
38,108,294
39,218,815
33,574,776
30,539,974
25,365,305
29,635,399
25,373,521
22,371,438
20,946,374
21,828,283
Charges for services Golf
-
-
4,275,859
4,951,273
4,897,161
4,743,769
4,328,089
4,413,243
4,465,557
4,620,035
Operating grants and contributions
-
-
-
-
-
-
-
-
-
16,467
Total business-type activities program revenue
66,147,401
65,738,635
62,398,566
58,568,186
52,595,466
54,338,785
48,844,635
44,006,050
41,738,009
43,443,236
Total primary government program revenues
108,338,174
113,127,885
100,575,474
91,411,581
85,245,642
86,249,122
75,345,558
70,771,187
68,556,972
71,492,229
Net revenues (expenses):
Governmental activities:
(110,764,064)
(107,727,759)
(82,596,265)
(77,386,215)
(69,687,298)
(63,785,464)
(70,937,021)
(75,950,897)
(75,629,584)
(75,888,116)
Business-type activities:
9,536,765
20,808,220
10,370,823
8,080,870
2,938,418
9,354,249
2,725,481
(2,082,244)
(1,031,561)
3,415,409
Total net revenues (expenses):
$(101,227,299)
$(86,919,539)
$(72,225,442)
$(69,305,345)
$(66,748,880)
$(54,431,215)
$(68,211,540)
$(78,033,141)
$(76,661,145)
$(72,472,707)
General revenues and other changes in net position:
Governmental activities:
Taxes:
Property taxes
$38,055,342
$36,080,689
$34,326,913
$32,555,574
$30,651,975
$28,974,412
$28,080,259
$29,856,727
$31,340,711
$29,436,667
Sales taxes
39,856,442
25,996,135
24,953,883
24,276,820
26,351,297
22,811,948
21,892,825
19,855,923
19,171,669
19,629,415
Utility users taxes
7,618,648
8,186,452
7,689,361
8,218,259
8,352,711
8,503,378
8,551,487
8,567,922
8,774,360
8,719,232
Transient occupancy taxes
6,201,655
6,675,807
5,649,949
5,809,752
5,332,948
4,779,537
4,449,554
4,044,659
3,435,953
3,468,286
Franchise and PEG fees
4,855,152
4,473,304
3,771,513
4,091,888
4,081,462
4,101,803
3,978,508
3,920,079
3,278,467
2,984,316
Other taxes
5,199,101
17,061,939
6,907,377
4,719,712
3,874,858
3,446,376
3,405,451
2,717,330
2,075,351
2,165,157
Motor vehicle license - intergovernmental unrestricted
-
-
-
-
-
-
56,361
54,393
500,528
320,148
Investment/interest earnings
2,922,581
2,907,992
1,388,300
1,237,576
446,727
771,883
(591,869)
711,713
1,136,757
1,859,859
Gain (loss) on sale of assets
443,121
26,079
-
-
-
-
-
-
-
-
Other general revenues
-
-
-
-
-
-
-
-
514
113
Intergovernmental revenue
-
-
210,000
-
-
-
-
-
-
-
Miscellaneous
-
-
-
-
276,220
-
-
-
-
-
Transfers
1,406,318
6,660,012
3,508,092
2,598,470
2,181,472
2,002,894
1,533,885
1,537,220
1,823,954
1,999,895
Extraordinary loss (see Note 13)
-
-
-
-
-
-
-
20,622,532
-
-
Total governmental activities
106,558,360
108,068,409
88,405,388
83,508,051
81,549,670
75,392,231
71,356,461
91,888,498
71,538,264
70,583,088
Business-type activities:
Investment/interest earnings
4,167,665
1,054,282
1,420,149
1,533,666
507,637
1,083,250
491,337
489,557
301,096
1,663,987
Transfers
(1,406,318)
(6,660,012)
(3,508,092)
(2,598,470)
(2,181,472)
(2,002,894)
(1,533,885)
(1,537,220)
(1,823,954)
(1,999,895)
Total business-type activities
2,761,347
(5,605,730)
(2,087,943)
(1,064,804)
(1,673,835)
(919,644)
(1,042,548)
(1,047,663)
(1,522,858)
(335,908)
Total primary government
109,319,707
102,462,679
86,317,445
82,443,247
79,875,835
74,472,587
70,313,913
90,840,835
70,015,406
70,247,180
Change in Net position
Governmental activities:
(4,205,704)
340,650
5,809,123
6,121,836
11,862,372
11,606,767
419,440
15,937,601
(4,091,320)
(5,305,028)
Business-type activities:
12,298,112
15,202,490
8,282,880
7,016,066
1,264,583
8,434,605
1,682,933
(3,129,907)
(2,554,419)
3,079,501
138






Fiscal Year

2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
Total primary government
$8,092,408
$15,543,140
$14,092,003
$13,137,902
$13,126,955
$20,041,372
$2,102,373
$12,807,694
$(6,645,739)
$(2,225,527)
139

City of San Buenaventura
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)


Fiscal Year

2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
General fund:
Nonspendable
$3,141,607
$3,945,295
$2,111,091
$2,387,994
$2,355,952
$6,487,293
$6,277,330
$6,881,827
$6,630,047
$6,888,290
Restricted
2,698,836
2,837,584
2,912,051
1,501,720
3,563,142
3,728,620
5,492,160
6,205,841
5,260,641
613,989
Committed
15,075,620
14,083,309
12,479,502
12,405,296
399,729
393,747
14,025,093
14,758,348
15,873,858
16,304,014
Assigned
7,467,625
5,754,838
5,491,766
5,937,379
5,074,932
4,700,221
3,634,193
2,482,567
4,263,791
3,341,324
Unassigned
13,297,806
11,081,360
15,299,597
12,615,326
23,278,786
15,072,282
-
(1,974,802)
-
6,254,052
Total general fund
$41,681,494
$37,702,386
$38,294,007
$34,847,715
$34,672,541
$30,382,163
$29,428,776
$28,353,781
$32,028,337
$33,401,669
All other governmental funds:
Nonspendable
$-
$-
$-
$-
$-
$-
$7,499,568
$7,481,021
$7,736,114
$1,894,668
Restricted
62,876,406
56,390,064
38,879,949
35,111,039
37,761,566
38,065,325
29,532,628
29,721,619
28,908,283
34,416,429
Committed
3,285,387
3,285,387
8,255,417
10,736,784
7,996,671
8,518,545
3,481,192
7,117,565
2,758,900
2,548,364
Assigned
8,736,066
6,785,172
7,563,168
5,681,103
5,141,113
3,322,394
6,601,278
5,597,335
8,716,452
10,935,174
Unassigned
(326,632)
(877,508)
4,750,756
(1,209,921)
(312,368)
(1,751,514)
(1,476,622)
(1,709,097)
(8,052,579)
(8,268,260)
Unreserved, designated
Unreserved, undesignated:
Total all other governmental funds
$74,571,227
$65,583,115
$59,449,290
$50,319,005
$50,586,982
$48,154,750
$45,638,044
$48,208,443
$40,067,170
$41,526,375

(1) Long-term note receivables that are restricted were recategorized in 2014 as restricted fund balance instead of nonspendable.

(2) Effective fiscal year 2010, the City implemented GASB Statement No. 54 which changed the classifications of fund balance.

Source: The Comprehensive Annual Financial Report.

140

City of San Buenaventura
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified basis of accounting)

Fiscal Year

2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
Revenues:
Taxes
$90,437,730
$90,972,836
$80,897,963
$82,481,865
$81,836,899
$75,545,216
$72,369,887
$62,047,832
$61,612,097
$60,192,659
Licenses and permits
6,037,608
4,801,642
6,252,655
3,314,548
3,173,592
2,280,313
1,589,036
1,479,528
2,103,379
1,466,512
Intergovernmental
20,919,398
17,526,829
14,455,107
6,459,368
7,934,699
8,206,918
7,973,806
15,675,280
15,812,765
15,410,869
Charges for services
16,608,223
18,759,098
10,311,198
12,518,525
10,919,928
10,883,168
9,800,712
10,799,257
9,844,162
9,324,261
Fines and forfeitures
2,926,552
3,228,192
2,085,673
1,791,002
1,552,034
1,745,183
1,396,547
1,539,504
1,634,251
1,867,339
Franchise and PEG fees
4,855,152
-
-
-
-
-
-
-
-
-
Use of money and property
4,702,809
2,675,650
3,900,211
2,974,652
1,976,193
2,203,117
1,395,183
1,819,529
2,311,668
3,311,893
Other revenue
3,812,561
3,704,488
4,383,861
4,318,180
4,609,037
6,093,267
4,004,586
3,704,070
3,074,872
2,678,112
Total revenues
150,300,033
141,668,735
122,286,668
113,858,140
112,002,382
106,957,182
98,529,757
97,065,000
96,393,194
94,251,645
Expenditures:
Current:
General Government
8,903,018
11,470,762
8,738,011
5,102,169
3,743,082
3,007,231
2,917,692
3,066,519
2,677,327
3,291,986
Human Resources
1,104,503
969,518
946,145
872,736
853,330
750,641
826,520
914,043
758,217
958,777
Finance and Technology
4,036,218
4,272,367
3,763,232
6,599,330
9,900,490
6,628,115
6,760,790
6,429,465
7,305,876
6,364,935
Community Development
9,750,395
10,568,487
8,356,871
7,145,338
6,245,073
6,789,245
7,943,318
8,148,331
7,014,408
3,632,431
Parks, Rec & Com Partnerships
21,129,500
19,986,426
14,228,603
13,677,334
11,992,262
11,809,647
12,191,763
12,333,478
11,217,429
6,473,828
Public Safety - Police
42,219,714
39,514,878
36,509,122
34,975,301
33,273,454
31,678,504
30,307,517
29,464,034
28,255,496
27,887,580
Public Safety - Fire
23,057,728
21,073,335
20,055,787
19,489,443
18,632,324
17,517,291
16,822,799
16,091,426
14,460,517
17,478,861
Public Works
21,209,757
14,356,588
15,818,215
18,354,313
14,101,473
15,166,662
14,278,920
14,147,119
9,679,476
15,529,183
Capital outlay
4,713,951
8,062,066
2,825,375
4,048,153
2,882,430
3,316,811
5,450,977
4,585,131
13,774,000
12,621,513
Debt service:
Principal retirement
1,470,000
1,515,000
3,600,000
3,460,000
3,325,000
3,435,000
2,805,000
3,780,000
11,255,000
3,235,000
Debt issuance cost
-
-
-
-
-
-
-
298,344
492,589
-
Interest and other charges
1,215,163
1,256,850
1,360,702
1,502,162
1,627,749
1,738,541
1,603,036
2,712,802
4,085,379
3,962,293
Total expenditures
138,809,947
133,046,277
116,202,063
115,226,279
106,576,667
101,837,688
101,908,332
101,970,692
110,975,714
101,436,387
Revenues over (under) expenditures
11,490,086
8,622,458
6,084,605
(1,368,139)
5,425,715
5,119,494
(3,378,575)
(4,905,692)
(14,582,520)
(7,184,742)
Other financing sources (uses):
Issuance of certificates of participation
-
-
-
-
-
-
-
17,815,000
20,615,000
-
Payment to refunded bond escrow agent
-
-
-
-
-
-
-
(16,620,000)
-
-
Payment on issuance of debt
-
-
-
-
-
-
-
786,039
1,066,553
-
Payment to refunded bond escrow agent
-
-
-
-
-
-
-
-
(11,728,764)
-
Transfers in
4,885,527
3,984,578
13,687,012
25,580,055
9,461,150
9,800,226
10,251,312
13,532,480
10,664,454
11,493,910
Transfers out
(3,500,685)
(8,274,024)
(6,695,039)
(24,304,722)
(8,089,679)
(11,449,627)
(8,368,141)
(10,219,566)
(8,867,260)
(9,455,466)
Fire loss insurance recovery
-
1,209,192
-
-
-
-
-
-
-
-
Total other financing sources (uses)
1,384,842
(3,080,254)
6,991,973
1,275,333
1,371,471
(1,649,401)
1,883,171
5,293,953
11,749,983
2,038,444
Extraordinary gain (loss) on dissolution of RDA
-
-
-
-
-
-
-
4,078,456
-
-
Net change in fund balances
$12,874,928
$5,542,204
$13,076,578
$(92,806)
$6,797,186
$3,470,093
$(1,495,404)
$4,466,717
$(2,832,537)
$(5,146,298)
Debt service as a percentage of non-capital expenditures
2.1%
2.3%
4.6%
4.6%
4.9%
5.4%
4.6%
6.6%
14.6%
7.6%
(1) Franchise fees and PEG fees were included in Taxes prior to 2019
Source: The Comprehensive Annual Financial Report.

141

City of San Buenaventura
Assessed Value of Taxable Property
Fiscal Year 2010 to 2019 Taxable Property Values


Fiscal Year
Category
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
Secured
Residential
12,201,255,951
11,777,385,193
11,137,732,691
10,400,686,897
9,964,199,246
9,272,772,075
8,889,591,482
8,960,488,147
8,901,964,312
8,906,419,037
Commercial
1,275,534,204
1,359,310,495
1,269,162,698
1,110,628,341
997,849,043
976,309,783
1,583,972,916
1,576,759,964
1,635,086,343
1,601,884,508
Industrial
923,693,455
874,679,776
844,758,208
834,350,420
806,379,253
789,314,686
809,194,746
800,089,165
805,913,288
810,498,262
Dry Farm
-
-
-
-
-
-
897,028
879,444
872,893
969,027
Govt. Owned
-
-
-
1,100,000
-
-
316,460
18,000
-
-
Institutional
148,045,415
135,809,013
152,746,698
135,568,190
114,319,010
89,744,073
22,209,321
20,096,357
14,746,476
14,278,714
Irrigated
13,956,141
13,938,173
14,946,537
14,714,967
15,165,596
14,600,655
13,173,153
12,148,738
8,597,832
7,850,105
Public
-
-
-
-
18,507,943
23,063,112
-
-
-
-
Miscellaneous
54,436,234
56,581,625
58,930,874
34,511,307
30,539,259
30,129,559
26,647,551
28,538,789
28,460,965
27,580,331
Recreational
16,349,551
19,033,241
18,730,784
18,495,248
16,701,078
16,208,429
38,547,042
38,133,134
38,154,180
38,110,075
Vacant
200,468,817
151,609,388
169,984,346
147,604,304
161,432,928
149,595,981
103,255,783
110,286,121
106,020,696
122,719,985
Professional
543,118,012
349,634,140
345,032,172
330,544,518
424,307,930
411,018,456
-
-
-
-
Social
9,513,242
12,722,666
9,635,856
13,411,092
12,008,515
14,012,382
-
-
-
-
Unknown
-
-
-
228,316,459
598,262
595,505
10,621,173
11,512,475
-
-
Total Secured:
15,386,371,022
14,750,703,710
14,021,660,864
13,269,931,743
12,562,008,063
11,787,364,696
11,498,426,655
11,558,950,334
11,539,816,985
11,530,310,044
SBE Nonunitary
445,983
446,297
446,547
447,207
439,241
439,241
439,241
439,241
439,241
659,229
Unsecured
599,406,446
525,579,786
582,728,213
583,604,800
598,006,217
533,154,089
558,804,441
555,119,230
562,632,304
619,749,174
Totals
15,986,223,451
15,276,729,793
14,604,835,624
13,853,983,750
13,160,453,521
12,320,958,026
12,057,670,337
12,114,508,805
12,102,888,530
12,150,718,447
Total Direct Rate
1.04491
1.04297
1.04270
1.04718
1.05027
1.05297
0.18807
0.18861
0.18973
0.19032
Notes:
A)This table has been revised in FY 2013, using the report provided by HdL.
In the prior years, the numbers in this table were derived from the Assessment Roll by Prime, which was provided by the Ventura County Assessor's Office.

B)Exempt values are not included in Total.

C)In 1978 the voters of the State of California passed Proposition 13 which limited taxes to a total maximum rate of 1%, based upon the assessed value of the property being taxed.  

D)In FY2014, secured categories have been updated to include additional items due to more detailed information available.

Each year, the assessed value of property may be increased by an "inflation factor" (limited to a maximum of 2%).  With few exceptions, property is only reassessed as a result of new construction activity or at the time it is sold to a new owner.  At that point, the property is reassessed based upon the added value of the construction or at the purchase price (market value) or economic value of the property sold.  The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described above.

Data Source:  Ventura County Assessor FY2004/05 - 2011/12 Combined Tax Rolls
HdL,Coren & Cone FY2012/2013
MuniServices, LLC FY2013/19

142

City of San Buenaventura
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(Rate per $100 of assessed value)


Fiscal Year

2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
Agency
Basic Levy (1)
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
1.00000
Casitas Muni Water
0.00631
0.00337
0.00120
0.00708
0.00467
0.00567
0.00438
0.01688
0.01871
0.01358
Unified Schools (5)
0.02340
0.02450
0.02600
0.02710
0.02800
0.03060
0.00000
0.00000
0.00000
0.00000
Mesa Elementary (5)
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.05110
0.05350
0.05200
0.04680
Oxnard Elementary (5)
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.08510
0.09370
0.09690
0.09810
Oxnard High School (5)
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.01990
0.01740
0.02820
0.01090
Rio Elementary (5)
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.02890
0.03040
0.03070
0.02930
Ventura Community College Board
0.01520
0.01510
0.01550
0.01300
0.01760
0.01670
0.01910
0.01400
0.01510
0.01390
Ventura Unified (5)
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.03190
0.03310
0.03240
0.03320
Total Direct & Overlapping Tax Rates (2)
1.04491
1.04297
1.04270
1.04718
1.05027
1.05297
1.24038
1.25898
1.27401
1.24578
City's Share of 1% Levy per Prop 13 (3)
0.15897
0.15897
0.15897
0.15897
0.15897
0.15897
0.16381
0.16381
0.16381
0.16381
Total Direct Rate (4)
1.04491
1.04297
1.04270
1.04718
1.05027
1.05297
0.18807
0.18861
0.18973
0.19032

(1)  In 1978, California voters passed Proposition 13 which set the property tax rate at a 1% fixed amount. This 1% is shared by all taxing agencies for which the subject property resides within. In addition to the 1.00% fixed amount, property owners are charged taxes as a percentage of assessed property values for the payment of any voter approved bonds.

(2)  Overlapping rates are those of local and county governments that apply to property owners within the City. Not all overlapping rates apply to all city property owners.

(3)  City's Share of 1% Levy is based on the City's share of the general fund tax rate area with the largest net taxable value within the city. ERAF general fund tax shifts may not be included in tax ratio figures.

(4)  Because basic and debt rates vary by tax rate area, individual rates cannot be summed. The Total Direct Rate is the weighted average of all individual direct rates applied by the government preparing the statistical section information.

(5) In FY 2014, Unified School consisted of Mesa Elementary, Oxnard Elementary, Oxnard High School, Rio Elementary and Ventura Unified.

Note:
This table has been revised in FY 2013, using the report provided by HdL.  In the prior years, the numbers were calculated from the Direct and Overlapping Debt report that was compiled by the California Municipal Statistics, Inc.

Data Source: Ventura County Assessor FY 2004/05 - 2011/12
HdL, Coren & Cone for FY 2012-13
MuniServices LLC for FY 2013-19


143

City of San Buenaventura
Principal Property Taxpayers
Current Year and Nine Years Ago


2019
2010
Taxpayer
Taxable
Assessed
Value
Percent of Total
City Taxable
Assessed Value
Taxable
Assessed
Value
Percent of Total
City Taxable
Assessed Value
Nrfc Ventura Holdings, LLC
93,073,246
0.58%
-
-
Mpk Vanoni Investors LLC
88,878,155
0.56%
-
-
Macerich Buenaventura LTD
86,855,530
0.54%
79,766,386
0.69%
Raintree Ventura Colony LLC
65,645,217
0.41%
-
-
Blank Pursuant & CA 
64,226,111
0.40%
-
-
Montalvo Square Shopping
61,348,920
0.38%
-
-
VT Resort APTS One LLLC
57,569,853
0.36%
-
-
Ventura Retail Property LLC
52,225,008
0.33%
-
-
Kaiser Foundation 
49,021,327
0.31%
-
-
ASN Ventura 1031 LLC ET Al
45,548,784
0.28%
144,021,800
1.25%
Jefferson at Pelican Point
-
-
63,051,500
0.55%
Ventura Pines Associates LLC
-
-
43,795,350
0.38%
Center Promenade, LLC
-
-
37,699,200
0.33%
Target Corp
-
-
30,532,400
0.26%
MBL Golf Course, LLC
-
-
30,515,325
0.26%
Lowe's HIW, Inc
-
-
29,041,362
0.25%
Newport Beach North LLC
-
-
29,001,818
0.25%
Ventura Beach Ventures LLC
-
-
28,938,102
0.25%
Top Ten Total
664,392,151
4.15%
516,363,243
4.48%
City Total
15,997,233,052
11,530,310,044


Data Source: 2013-2019, 2005-2006 Los Angeles County Assessor data compiled by MuniServices, LLC

144

City of San Buenaventura
Property Taxes Levies and Collections
Last Ten Fiscal Years




Collected within the Fiscal Year of the Levy

Total Collections To-Date

Fiscal Year Ended
 June 30
Taxes Levied for the Fiscal Year
Amount
Percent of Levy
Collections in Subsequent Years
Amount
Percent of Levy


2010
$20,369,228
$17,640,817
86.61%
$171,406
$17,812,223
87.45%


2011
20,255,387
19,794,163
97.72%
103,915
19,898,078
98.24%


2012
20,317,140
20,026,521
98.57%
113,105
20,139,626
99.13%


2013
20,222,166
19,978,450
98.79%
106,312
20,084,762
99.32%


2014
20,935,951
20,645,794
98.61%
77,323
20,723,117
98.98%


2015
22,248,125
21,813,577
98.05%
75,488
21,889,065
98.39%


2016
23,447,650
23,259,244
99.20%
65,378
23,324,622
99.48%


2017
24,702,569
24,562,716
99.43%
63,930
24,626,646
99.69%


2018
25,962,329
25,839,813
99.53%
58,723
25,898,536
99.75%


2019
27,063,036
27,044,489
99.93%
52,127
27,096,616
100.12%


Source:(1) Ventura County Assessor's Office
(2) Finance and Technology Department, City of San Buenaventura

145

City of San Buenaventura
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years


Governmental Activities
Business-Type Activities



Fiscal Year Ended
 June 30
Certificates of Participation
Capital Leases
Loans
Total Governmental Activities
Wastewater Revenue Bonds
Water Revenue Bonds
Safe Drinking Water Loan
Capital Leases
Total Business-Type Activities
Total Primary Government
Percentage of Personal Income
Debt Per Capita
2010
$50,500,000
$531,577
$1,844,206
$52,875,783
$21,634,359
$23,491,458
$17,987,933
$143,531
$63,257,281
$116,133,064
3.64%
1186
2011
49,055,000
354,384
1,762,069
51,171,453
20,989,341
22,933,142
17,149,042
-
61,071,525
112,242,978
3.53%
1151
2012
47,275,000
177,192
1,676,262
49,128,454
20,319,323
22,354,827
16,289,983
-
58,964,133
108,092,587
3.22%
1009
2013
46,225,632
-
430,673
46,656,305
20,022,300
49,422,510
15,410,269
-
84,855,079
131,511,384
3.91%
1214
2014
42,742,152
-
333,710
43,075,862
19,076,203
48,432,084
14,509,403
-
82,017,690
125,093,552
3.62%
1148
2015
39,148,261
-
248,305
39,396,566
43,359,044
65,651,392
13,586,879
-
122,597,315
161,993,881
4.48%
1482
2016
34,250,000
-
161,326
34,411,326
38,685,000
59,515,000
12,642,174
-
110,842,174
145,253,500
4.01%
1338
2017
30,650,000
-
73,153
30,723,153
37,905,000
58,635,000
11,674,757
-
108,214,757
138,937,910
3.60%
1271
2018
29,135,000
-
35,103
29,170,103
37,105,000
57,740,000
10,684,080
-
105,529,080
134,699,183
3.22%
1211
2019
27,665,000
-
17,894
27,682,894
36,275,000
56,830,000
9,669,584
-
102,774,584
130,457,478
3.04%
1206






Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements.

Source: The Comprehensive Annual Financial Report. 

146

City of San Buenaventura
Direct and Overlapping Debt
June 30, 2019
2018-19 Assessed Valuation:

 $16,074,546,602




Total Debt
6/30/2019
Percentage Applicable(1)
City's Share of Debt 6/30/2019

Overlapping tax and assessment debt:
Ventura County Community College District
$275,097,579
11.919
$32,788,880
Ventura Unified School District
44,755,000
86.598
38,756,935
Oxnard Union High School District
275,357,016
0.010
27,536
Mesa Union High School District
10,480,000
0.202
21,170
Oxnard School District
262,301,666
0.015
39,345
Rio School District
70,900,000
0.002
1,418
Subtotal Overlapping Tax and Assessment Debt
71,635,284
Overlapping general fund debt:
Ventura County General Fund Obligations
324,780,000
11.915
38,697,537
Ventura County Superintendent of Schools Certificates of Participation
9,220,000
11.915
1,098,563
Ventura Unified School District Certificates of Participation
805,000
86.598
697,114
Oxnard Union High School District Certificates of Participation
21,148,022
0.010
2,115
Oxnard School District Certificates of Participation
11,174,000
0.015
1,676
Rio School District Certificates of Participation
5,000,000
0.002
100
Subtotal Overlapping General Fund Debt
40,497,105

OVERLAPPING TAX INCREMENT DEBT (Successor Agency)
10,345,000
TOTAL OVERLAPPING DEBT
122,477,389

Direct debt:
Certificates of Participation- 2007 Series E
7,075,000
Certificates of Participation- 2010 Series F
3,865,000
Certificates of Participation- 2012 Series A
16,450,000
Certificates of Participation- 2012 Series B
275,000
Subtotal general fund obligation
27,665,000
California Energy Commission 2004 Loan
17,894
Energy Resources Conservation and Dev Com 2012
-
TOTAL DIRECT DEBT:
27,682,894
Ratios to 2018-19 Assessed Valuation: 
Total Overlapping Tax and Assessment Debt0.45%
Total Direct Debt ($29,135,000)0.17%
Combined Total Debt0.93%

(1)The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value.  Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value.
(2)Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations.

Note: Direct debt details can be found in the notes to the financial statements.

Source: MuniServices, LLC.

147

City of San Buenaventura
Direct and Overlapping Debt
June 30, 2019
2018-19 Assessed Valuation:

 $16,074,546,602




Total Debt
6/30/2019
Percentage Applicable(1)
City's Share of Debt 6/30/2019

GRAND TOTAL SUMMARY:
TOTAL OVERLAPPING DEBT
122,477,389
TOTAL DIRECT DEBT
27,682,894
TOTAL GRAND TOTAL SUMMARY
$150,160,283
Ratios to 2018-19 Assessed Valuation: 
Total Overlapping Tax and Assessment Debt0.45%
Total Direct Debt ($29,135,000)0.17%
Combined Total Debt0.93%

(1)The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value.  Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value.
(2)Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations.

Note: Direct debt details can be found in the notes to the financial statements.

Source: MuniServices, LLC.

148

City of San Buenaventura
Legal Debt Margin Information
Last Ten Fiscal Years

Fiscal Year Ended
June 30
(2)
 Gross Assessed Valuation
Conversion Percentage
Adjusted Assessed Valuation
Debt Limit Percentage
Debt Limit
(1)
Total Net Debt Applicable to Limit: General Obligation Bonds
Legal
Debt Margin
Total Debt Applicable to the Limit as a Percentage of Debt Limit


2010
$12,144,316,207
25%
$3,036,079,052
15%
$455,411,858
$-
$455,411,858
0%


2011
12,094,107,122
25%
3,023,526,781
15%
453,529,017
-
453,529,017
0%


2012
12,104,792,837
25%
3,026,198,209
15%
453,929,731
-
453,929,731
0%


2013
12,046,321,313
25%
3,011,580,328
15%
451,737,049
-
451,737,049
0%


2014
12,449,927,426
25%
3,112,481,857
15%
466,872,278
-
466,872,278
0%


2015
13,247,206,008
25%
3,311,801,502
15%
496,770,225
-
496,770,225
0%


2016
14,694,333,783
25%
3,673,583,446
15%
551,037,517
-
551,037,517
0%


2017
15,408,188,393
25%
3,852,047,098
15%
577,807,065
-
577,807,065
0%


2018
16,074,546,602
25%
4,018,636,651
15%
602,795,498
-
602,795,498
0%


2019
17,149,629,230
25%
4,287,407,308
15%
643,111,096
-
643,111,096
0%


The Government Code of the State of California provides for a legal debt limit of 15% of gross assessed valuation.
However, this provision was enacted when assessed valuation was based upon 25% of market value.
Each parcel is assessed at 100% of market value (as of the most recent change in ownership for that parcel).
The computations shown above reflect a conversion of assessed valuation data for each fiscal year from the current
full valuation perspective to the 25% level that was in effect at the time that the legal debt margin was enacted by
the State of California for local governments located within the state.

Source: (1) Finance and Technology Department, City of San Buenaventura
(2) Ventura County Tax Assessor's Office

149

City of San Buenaventura
Pledged Wastewater Coverage 
Last Ten Fiscal Years



Wastewater Fund Revenue Bonds

Fiscal Year

Less

Net




Ended
Operating
Operating

Available
Debt Service


June 30
Revenue
Expenses

Revenue
Principal
Interest
Coverage


2010
$16,978,451
$10,818,322
(1)
$6,160,129
$695,000
$1,039,599
$3.55


2011
16,326,078
12,829,173
(1)
3,496,905
720,000
1,018,750
2.01


2012
17,221,369
14,356,162
2,865,207
745,000
993,550
1.65


2013
19,143,024
11,807,006
7,336,018
775,000
965,612
4.21


2014
19,959,617
10,386,386
9,573,231
870,000
681,727
6.17


2015
22,333,000
12,907,508
9,425,492
885,000
677,508
6.03


2016
23,080,939
15,483,524
7,597,415
630,000
667,153
5.86


2017
24,547,931
16,163,096
8,384,835
640,000
657,955
6.46


2018
26,519,820
16,180,251
10,339,569
660,000
636,450
7.98


2019
28,039,107
22,583,252
5,455,855
685,000
610,050
4.21

(1) The Operating Expenses inadvertently included depreciation in the prior year statistical tables. Since FY 2012, this table was corrected to properly reflect the correct expense and coverage ratio.

Note: Details regarding the city's outstanding debt can be found in the notes to the financial statements.
          Operating expenses do not include interest or depreciation expenses.

Source: Finance and Technology Department, City of San Buenaventura

150

City of San Buenaventura
Pledged Water Revenue Coverage 
Last Ten Fiscal Years



Water Fund Revenue Bonds

Fiscal Year

Less

Net




Ended
Operating
Operating

Available
Debt Service


June 30
Revenue
Expenses

Revenue
Principal
Interest
Coverage


2010
$21,844,750
$15,777,292
(1)
$6,067,458
$570,000
$1,118,963
3.59


2011
20,946,374
15,103,751
(1)
5,842,623
590,000
1,099,375
3.46


2012
22,371,438
17,128,731
5,242,707
610,000
1,078,375
3.11


2013
25,375,574
19,771,085
5,604,489
630,000
1,055,888
3.32


2014
29,635,399
19,080,174
10,555,225
860,000
1,853,606
3.89


2015
25,365,305
20,740,004
4,625,301
865,000
1,845,694
1.71


2016
30,539,975
20,224,007
10,315,968
880,000
1,828,491
3.81


2017
33,574,776
22,384,529
11,190,247
895,000
1,813,485
4.13


2018
39,218,815
19,325,991
19,892,824
910,000
1,805,475
7.33


2019
38,108,293
25,656,370
12,451,923
930,000
1,795,874
4.57

(1) The Operating Expenses inadvertently included depreciation in the prior year statistical tables. Since FY 2012, this table was corrected to properly reflect the correct expense and coverage ratio.

Note: Details regarding the city's outstanding debt can be found in the notes to the financial statements.
           Operating expenses do not include interest or depreciation expenses.

Source: Finance and Technology Department, City of San Buenaventura

151

City of San Buenaventura
Demographic and Economic Statistics
Last Ten Calendar Years


Calendar
Year
Population  (1)
Personal Income
(in thousands)
Per Capita Personal Income 
Unemployment
Rate 


2010 (2)
108,687
$3,586,988
$32,625
9.0%


2011 (2)
109,946
3,218,449
29,273
9.8%


2012 (2)
107,166
3,352,367
31,282
9.1%


2013 (2)
108,294
3,361,987
31,045
6.2%


2014 (3)
108,961
3,456,979
31,727
7.0%


2015 (3)
109,338
3,618,973
33,099
5.1%


2016 
108,557
3,661,427
33,728
5.8%


2017 
109,275
3,863,011
35,351
5.2%


2018 
111,269
4,183,724
37,600
3.3%


2019 
108,170
4,290,022
39,660
2.7%

(1) Source prior to FY 2010: Ventura City Economic Outlook by the UCSB Economic Forecast Project.
(2) Source from FY 2010 - 2013: HdL Companies.
(3) Source from FY 2014 to 2019: MuniServices, LLC.

152

City of San Buenaventura
Full-time City Employees
by Function
Last Ten Fiscal Years



Adopted Full-Time (FTE) Equivalents as of June 30th

Function
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010


General Government
19
18
20
19
18
15
15
15
14
18


Human Resources
11
11
11
11
11
11
12
12
13
13


Finance and Technology
48
48
48
48
48
47
48
48
46
46


Community Development
42
42
37
37
37
45
47
47
47
29


Parks, Recreation &
Community Partnerships
59
53
52
53
53
53
56
56
62
32


Public Safety - Police
186
172
166
166
165
165
165
160
161
172


Public Safety - Fire
84
83
83
83
83
83
83
83
74
104


Public Works
87
84
83
84
84
81
82
82
178
218


Ventura Water
100
100
101
98
98
98
99
99
-
-


Total
636
611
601
599
597
598
607
602
595
632
Source: Finance and Technology Department, City of San Buenaventura

153

City of San Buenaventura
Full-time City Employees
by Function
Last Ten Fiscal Years


Source: Finance and Technology Department, City of San Buenaventura

154

City of San Buenaventura
Principal Employers
Current Year and Nine Years Ago



2019
2010

Employer 
Number of
Employees
Percent of
 Total City Employment
 
(2)
Number of
Employees
Percent of
 Total City Employment

County of Ventura
8,252
14.74%
7,991
35.29%

Ventura Unified School District
2,624
4.69%
1,916
8.46%

Community Memorial Health System
2,130
3.80%
1,881
8.31%

Employer's Depot Inc
831
1.48%
550
2.43%

Patagonia Works (Lost Arrow Corp)
653
1.17%
--
-

Ventura County Community College District
645
1.15%
1,913
8.45%

Kaiser Permanente Medical Ofc
643
1.15%
--
-

City of San Buenaventura
608
1.09%
621
2.74%

Target
373
0.67%
--
-

Superior Court of CA, County of Ventura
318
0.57%
370
1.63%

-
-
--
11.01%

Total Top 10 Employers
17,077

Total City Labor Force (1)
56,000


Source: MuniServices, LLC for 2019

Results based on direct corespondence with City's local businesses.
(1) Total City Labor Force provided by EDD Labor Force Data.
(2) Percent of "Total Employment" as used above represents the total employment of all employers located within City limits.
* Target has two locations.

155

City of San Buenaventura
Operating Indicators
by Function
Last Ten Fiscal Years


Fiscal Years

2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
Police:
Arrests (number of persons)
5,898
5,449
6,606
6,367
5,795
4,177
4,708
5,141
5,473
5,751
Parking citations issued
14,180
11,967
12,391
14,295
12,947
12,190
11,986
11,531
10,304
12,830
Fire:
Number of emergency calls
16,191
16,477
14,470
14,073
13,786
12,897
12,646
12,115
11,506
11,662
Inspections
21,528
18,664
12,133
12,845
13,368
10,417
12,009
10,981
11,151
14,807
Public works:
Street resurfacing (lane miles)
18
5
10
34
49
88
47
72
91
26
Parks and recreation:
Number of participants in fee-based programs
19,476
21,980
20,612
16,904
16,807
16,103
16,350
15,793
14,538
15,015
Number of visitors to Aquatics Ctr
107,760
178,997
177,318
159,715
158,442
147,927
172,346
154,421
129,457
122,835
Annual Community Volunteer Hrs
25,299
27,052
38,525
36,600
38,525
39,450
40,123
38,950
36,452
40,605
Water:
Total system connections
31,157
31,080
30,916
30,809
30,741
30,700
30,680
30,370
30,311
30,289
Average daily consumption (million gallons per day)
10.3
11.0
10.2
10.3
11.8
13.4
13.3
12.9
12.2
13.1
Wastewater:
Total system connections
26,054
26,054
25,518
25,417
25,336
25,183
25,183
25,254
25,197
25,178
Average daily sewage treatment (million gallons per day)
7.3
7.2
7.4
7.4
7.9
8.6
8.3
8.6
8.8
8.8
Golf courses:
Buenaventura golf rounds played
58,360
58,829
54,858
60,781
65,237
65,129
64,666
63,983
66,569
68,522
Olivas Park golf rounds played
60,782
61,808
59,939
60,555
61,175
60,610
59,093
60,680
59,879
65,387

(1) Street resurfacing in 2013 and 2010 decreased due to budget reductions and timings. Data in 2013 has been corrected to reflect completed project.


Source: City of San Buenaventura

156

City of San Buenaventura
Capital Assets Statistics
by Function
Last Ten Fiscal Years


Fiscal Years

2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
Police:
Station
1
1
1
1
1
1
1
1
1
1
Fire:
Fire stations
6
6
6
6
6
6
6
6
6
6
Public works:
Street (miles)
710
710
710
700
700
695
695
695
690
690
Streetlights
1,200
1,200
1,200
1,059
1,180
1,150
1,122
1,058
1,058
1,058
Traffic signals
137
137
137
136
134
133
133
133
133
133
Parks and recreation:
Parks
35
35
34
34
33
33
33
33
33
33
Community centers
3
3
3
3
3
4
4
4
4
4
Water:
Water mains (miles)
380
380
380
380
380
380
380
380
380
380
Maximum daily capacity (millions gallons per day)
30
30
30
30
30
30
30
30
30
30
Wastewater:
Sanitary sewers (miles)
307
307
307
300
300
300
300
290
290
290
Storm sewers (miles)
114
114
114
109
100
100
100
100
100
100
Maximum daily treatment capacity (million gallons per day)
14
14
14
14
14
14
14
14
14
14
Golf courses:
Note: (1) Street miles were miscalculated prior to 2014.  The data was corrected in 2014 Comprehensive Annual Financial 
               Report.
          (2) The senior center on Santa Clara St was closed.  City consolidated the senior programs into Ventura Avenue Center.
          (3) Streetlights increased due to new city developments.

Source: City of San Buenaventura

157

City of San Buenaventura
Capital Assets Statistics
by Function
Last Ten Fiscal Years


Fiscal Years

2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
Municipal golf courses
2
2
2
2
2
2
2
2
2
2

Note: (1) Street miles were miscalculated prior to 2014.  The data was corrected in 2014 Comprehensive Annual Financial 
               Report.
          (2) The senior center on Santa Clara St was closed.  City consolidated the senior programs into Ventura Avenue Center.
          (3) Streetlights increased due to new city developments.

Source: City of San Buenaventura

158

City of San Buenaventura
Wastewater Service Rates 
Last Ten Fiscal Years



Wastewater Volume Rates Per Hundred Cubic Feet (HCF)

Fiscal
Residential
(1)

Year Ended
Tier
Tier
Tier
Tier
Tier
Tier
Non-

June 30
1
2
3
4
5
6
Residential


2010 
$34.27
$42.24
$50.00
$57.76
$65.51
$73.27
$16.07


2011 
34.27
42.24
50.00
57.76
65.51
73.27
16.07


2012 
34.27
42.24
50.00
57.76
65.51
73.27
16.07


2013 (2)
31.67
45.24
58.85
72.47
86.09
99.71
43.54


2014 
33.54
48.00
62.45
76.91
91.36
105.82
46.21


2015 
36.58
52.00
67.43
82.85
98.27
113.70
53.64


2016 
40.56
57.68
74.80
91.92
109.04
126.15
59.48


2017 
44.95
63.92
82.90
101.87
120.85
139.82
65.92
NOTE:
1 HCF = 748 gallons.
The City bills bi-monthly and by hundred cubic feet (HCF).
Rates are based on 3/4" meter, which is the standard household meter size.
The tier structure is in place to encourage wastewater conservation by customers.

(1) Commercial Group 1 (1-8 HCF).
(2) New rate structure implemented; Assume HCF for each tier for comparative purposes.

Source: Ventura Water Department

159

City of San Buenaventura
Wastewater Service Rates 
Last Ten Fiscal Years



Wastewater Volume Rates Per Hundred Cubic Feet (HCF)

Fiscal
Residential
(1)

Year Ended
Tier
Tier
Tier
Tier
Tier
Tier
Non-

June 30
1
2
3
4
5
6
Residential


2018 
48.93
69.61
90.29
110.97
131.65
152.33
71.72


2019 
48.93
69.61
90.29
110.97
131.65
152.33
71.72

NOTE:
1 HCF = 748 gallons.
The City bills bi-monthly and by hundred cubic feet (HCF).
Rates are based on 3/4" meter, which is the standard household meter size.
The tier structure is in place to encourage wastewater conservation by customers.

(1) Commercial Group 1 (1-8 HCF).
(2) New rate structure implemented; Assume HCF for each tier for comparative purposes.

Source: Ventura Water Department

160

City of San Buenaventura
Top Ten Wastewater Service Customers by Type
Current Year and Eight Years Ago


2019
2011
Wastewater Service Customers
By Type of Business
Total
Payments
Percent of Total
Wastewater
System Service
Charge Revenues
Total Payments
Percent of Total
Wastewater
System Service
Charge Revenues
Hospital
464,205
1.66%
123,956
0.76%
Hospital
342,049
1.22%
-
-%
Government
268,305
0.96%
118,046
0.72%
Multifamily Residential
199,052
0.71%
120,300
0.74%
Multifamily Residential
173,424
0.62%
109,944
0.67%
Multifamily Residential
165,238
0.59%
97,730
0.60%
Educational
144,081
0.51%
86,556
0.53%
Multifamily Residential
141,875
0.51%
94,800
0.58%
Commercial
127,489
0.45%
104,412
0.64%
Multifamily Residential
126,139
0.45%
88,065
0.54%
Commercial
-
-%
94,678
0.58%
2,151,857
7.68%
1,038,487
6.36%


Note: This schedule previously presented the top 10 wastewater customers of the City. Ventura Water staff has interpreted the Red Flags Rules to prohibit the disclosure of any customer information, including name and payment information from all outside reports. Accordingly, the customer name have been replaced with the type of customer for each of these accounts.

(1) 2011 is the only available information.

Source: Ventura Water Department

161

City of San Buenaventura
Water Sold by Type of Customer 
Last Ten Fiscal Years
(in Hundred Cubic Feet)


Fiscal Year
HCF by Type of Customer

Total Direct

Ended






Rate Per

June 30
Residential
Commercial
Industrial
Municipal
Other
Total HCF
HCF


2010
4,507,579
1,358,768
27,980
215,015
386,140
6,495,482
3.36


2011
4,330,911
1,326,449
29,763
194,651
208,416
6,090,190
3.44


2012
4,567,650
1,407,948
31,881
213,111
246,029
6,466,619
3.46


2013
4,578,381
1,410,421
26,189
256,445
245,536
6,516,972
3.89


2014
4,687,547
1,422,819
25,303
288,835
248,007
6,672,511
4.44


2015
4,054,802
1,285,010
22,822
226,077
186,589
5,775,300
4.39


2016
3,539,589
1,176,373
15,638
185,274
189,092
5,105,966
5.98


2017
3,466,064
1,126,551
17,229
186,797
182,001
4,978,642
6.74


2018
3,701,906
1,206,139
14,525
210,679
213,215
5,346,464
7.34


2019
3,417,963
1,220,850
18,202
186,237
179,809
5,023,061
7.59

Note:
1 HCF (hundred cubic feet) = 748 gallons
* Correction in FY2012, FY2013 and FY2017 reflect city data only. Prior data in FY2012 and FY2013 reflects city and county.

Source: Ventura Water Department

162

City of San Buenaventura
Water Rates 
Last Ten Fiscal Years




Water Volume Rates Per Hundred Cubic Feet (HCF) 




Residential


Fiscal

Single Family
Single Family
Single Family


Year
Bi-Monthly
HCF 1-16
HCF 17-42
HCF 43+


Ended
Service Charge
Multiple Family
Multiple Family
Multiple Family
Non-

June 30
Base Rate
HCF 1-10
HCF 11-24
HCF 25+
Residential

2010
15.03
2.02
2.66
4.27
2.66

2011
15.03
2.02
2.66
4.27
2.66

2012
15.03
2.02
2.66
4.27
2.66

2013
23.14
1.98
2.69
4.41
2.48

2014
25.11
2.15
2.92
4.79
2.70

2015
$27.30
$2.23
$3.12
$5.27
$2.88





Residential


Fiscal

Single Family
Single Family
Single Family
Single Family


Year
Bi-Monthly
HCF 0-6
HCF 7-14
HCF 15-30
HCF 30+


Ended
Service Charge
Multiple Family
Multiple Family
Multiple Family
Multiple Family
Non-

June 30
Base Rate
HCF 0-6
HCF 7-10
HCF 11-16
HCF 16+
Residential

2016
29.28
2.40
3.25
5.55
8.35
3.61

2017
31.41
2.58
3.50
5.97
8.97
3.88

2018
33.69
2.77
3.75
6.41
9.64
4.17

2019
33.69
2.77
3.75
6.41
9.64
4.17
NOTE:
1 HCF = 748 gallons.
The City bills bi-monthly and by hundred cubic feet (HCF).
Rates are based on 3/4" meter, which is the standard household meter size.
The tier structure is in place to encourage water conservation by customers.

* The rate structure changed beginning FY2013.

Source: Ventura Water Department

163

City of San Buenaventura
Water Rates 
Last Ten Fiscal Years


NOTE:
1 HCF = 748 gallons.
The City bills bi-monthly and by hundred cubic feet (HCF).
Rates are based on 3/4" meter, which is the standard household meter size.
The tier structure is in place to encourage water conservation by customers.

* The rate structure changed beginning FY2013.

Source: Ventura Water Department

164

City of San Buenaventura
Top Ten Water System Customers by Type
Current Year and Eight Years Ago


2019
2011
Water System Customers By Type of Business
Total Payments
Percent of Total Water Sales Revenues and Service Charges
Total Payments
Percent of Total Water Sales Revenues and Service Charges
Hospital
409,675
1.08%
129,006
0.62%
Hospital
317,515
0.83%
88,771
0.42%
Government
312,299
0.82%
125,178
0.60%
Municipal
206,781
0.54%
-
-%
Multifamily Residential
193,576
0.51%
83,569
0.40%
Multifamily Residential
191,223
0.50%
76,065
0.36%
Reclaimed
160,267
0.42%
-
-%
Multifamily Residential
138,368
0.36%
-
-%
Educational
131,747
0.35%
--
-%
Multifamily Residential
125,459
0.33%
--
-%
Commercial
-
-%
255,582
1.22%
Commercial
-
-%
232,842
1.11%
Commercial
-
-%
134,091
0.64%
Commercial
-
-%
96,283
0.46%
Commercial
-
-%
61,782
0.29%
2,186,910
5.74%
1,283,169
6.12%


Source: Ventura Water Department

165

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img0d2a.png

City of San Buenaventura
Annual Continuing Disclosure Requirements
 Public Facilities Financing Authority
For the year ended June 30, 2019


City of San Buenaventura
$7,075,0002007 Certificates of Participation, Series E
3,865,0002010 Certificates of Participation, Series F
16,450,0002012 Certificates of Participation, Series A
275,0002012 Certificates of Participation, Series B
Fiscal Year Ended June 30, 2019

Per the Continuing Disclosure Certificates in the Official Statements, the City shall disseminate the Comprehensive Annual Financial Report to meet the continuing disclosure requirements. The filing of this Comprehensive Annual Financial Report satisfies the requirements. There are no deficiencies to report.

Source: The Comprehensive Annual Financial Report.

166

City of San Buenaventura
Annual Continuing Disclosure Requirements
Summary of All Certificates of Participation's
For the year ended June 30, 2019
San Buenaventura Public Facilities Financing Authority Summary of All Issues:


Amount Outstanding
General Fund
7,075,000
2007 Refunding Certificates of Participation, Series E, $11,420,000
3,865,000
2010 Refunding Certificates of Participation, Series F, $20,615,000
16,450,000
2012 Refunding Certificates of Participation, Series A, $16,450,000
275,000
2012 Refunding Certificates of Participation, Series B, $1,365,000
Wastewater Fund
14,105,000
2012 Wastewater Revenue Refunding Bonds, Series B
22,170,000
2014 Wastewater Revenue Refunding Bonds, Series C
Water Fund
5,830,000
2012 Taxable Water Certificates of Participation, Series A
34,355,000
2012 Water Certificates of Participation, Series B
-
16,645,000
2014 Water Revenue Bond, Series C

Source: The Comprehensive Annual Financial Report.

167

City of San Buenaventura
Annual Continuing Disclosure Requirements, Continued
2012 Taxable Wastewater Revenues Refunding Bonds, Series A & B
For the year ended June 30, 2019


WASTEWATER SYSTEM
NINE-YEAR HISTORIC OPERATING RESULTS
FISCAL YEAR ENDED JUNE 30

2019 
2018 
2017 
2016 
2015 
Revenues
Service Charges and Sale Revenues
$28,039,107
$26,519,820
$24,547,931
$23,080,939
$22,333,000
Transfers In
-
-
-
-
-
Other Revenue
-
-
-
-
-
Investment Income
1,712,916
310,983
648,346
714,043
368,141
Total revenues
29,752,023
26,830,803
25,196,277
23,794,982
22,701,141
Operation and maintenance expense(1)
22,583,252
16,180,251
16,163,096
15,483,524
12,907,580
Net revenues
7,168,771
10,650,552
9,033,181
8,311,458
9,793,561
Debt service
2004 COP(2)
-
-
-
-
-
2012 COP
596,350
623,250
647,203
662,554
672,330
Total debt service
596,350
623,250
647,203
662,554
672,330
Debt service coverage
12.02
17.09
13.96
13.26
16.29
Net revenues available for subordinate
 debt service
$6,572,421
$10,027,302
$8,385,978
$7,648,904
$9,121,231
168





WASTEWATER SYSTEM
NINE-YEAR HISTORIC OPERATING RESULTS
FISCAL YEAR ENDED JUNE 30
2014 
2013 
2012 
2011 
2010 
$18,874,024
$18,951,438
$16,783,407
$16,172,837
$16,804,801
-
251,023
-
-
18,690
-
54,388
46,894
4,864
324
438,447
206,284
288,448
225,582
1,104,443
19,312,471
19,463,133
17,118,749
16,403,283
17,928,258
12,241,147
13,525,210
15,960,751
14,140,212
11,988,224
7,071,324
5,937,923
1,157,998
2,263,071
5,940,034
-
482,806
1,738,550
1,738,750
1,734,599
1,555,947
87,649
-
-
-
1,555,947
570,455
1,738,550
1,738,750
1,734,599
4.54
10.41
0.68
1.30
3.42
$5,515,377
$5,367,468
$(580,552)
$524,321
$4,205,435
169

City of San Buenaventura
Annual Continuing Disclosure Requirements, Continued
2012 Taxable Wastewater Revenues Refunding Bonds, Series A & B
For the Year Ended June 30, 2019
HISTORIC WASTEWATER SYSTEM USAGE


Fiscal Year Ended June 30
Daily Average Flow (Million Gallons per Daily)
Increase (Decrease)

2010
8.80
2.80%

2011
8.81
0.11%

2012
8.55
-2.95%

2013
8.36
-2.22%

2014
8.59
2.75%

2015
7.88
-8.27%

2016
7.43
-5.71%

2017
7.44
0.13%

2018
7.19
-3.36%

2019
7.32
1.81%

HISTORIC WASTEWATER SYSTEM SERVICE CONNECTIONS


Fiscal Year Ended June 30
Service Connections
Increase (Decrease)

2010
25,178
0.06%

2011
25,197
0.08%

2012
25,254
0.23%

2013
25,280
0.10%

2014
25,310
0.12%

2015
25,336
0.10%

2016
25,417
0.32%

2017
25,518
0.40%

2018
26,054
2.10%

2019
26,054
-

HISTORIC WASTEWATER SYSTEM SERVICE AND FLOW CHARGE REVENUES


Fiscal Year Ended June 30
Service and Flow
Charge Revenues
Increase (Decrease)

2010
16,978,451
6.01%

2011
16,326,078
-3.84%

2012
17,221,369
5.48%

2013
19,143,024
11.16%

2014
19,959,617
4.27%

2015
22,333,000
11.89%

2016
23,080,939
3.35%

2017
24,547,931
6.36%

2018
26,519,820
8.03%

2019
28,039,107
5.73%

Source: Ventura Water Department and the Comprehensive Annual Financial Report.

170

City of San Buenaventura
Annual Continuing Disclosure Requirements, Continued
2012 Taxable Wastewater Revenues Refunding Bonds, Series A & B
For the Year Ended June 30, 2019

Top 10 Wastewater Customers for 2018-2019


Wastewater Customers
 By Type of Business
Total
Percent of
Total Wastewater

Based on Volume
Payments
Revenues

 

Hospital
$464,205
1.66%


Hospital
342,049
1.22%


Government
268,305
0.96%


Multifamily Residential
199,052
0.71%


Multifamily Residential
173,424
0.62%


Multifamily Residential
165,238
0.59%


Educational
144,081
0.51%


Multifamily Residential
141,875
0.51%


Commercial
127,489
0.45%


Multifamily Residential
126,139
0.45%


(1) HCF stands for Hundred Cubic Feet.



Source: Ventura Water Department and the Comprehensive Annual Financial Report

171

City of San Buenaventura
Annual Continuing Disclosure Requirements, Continued
 Historic Water System Deliveries in Acre Feet Per Year
Last Ten Fiscal Years
(in Hundred Cubic Feet)

Fiscal Year June 30
Residential
Commercial
Industrial, Public Agency and Other
Total
Increase/ (Decrease)
2010
10,743
3,384
1,564
15,691
(5.93)%
2011
10,325
3,370
1,465
15,160
(3.38)%
2012
10,813
3,492
1,516
15,821
4.36%
2013
10,855
3,522
1,661
16,038
1.37%
2014
11,124
3,539
1,768
16,431
2.45%
2015
9,620
3,228
1,372
14,220
(13.46)%
2016
8,412
2,962
1,318
12,692
(10.75)%
2017
8,232
2,861
1,224
12,317
(2.95)%
2018
8,498
2,769
1,006
12,273
(0.36)%
2019
7,846
2,803
882
11,531
(6.05)%
Note:
1 Acre Feet = 435.60 HCF (hundred cubic feet)

Source:(1) FY 2005-2007 data derived from Ventura Water Department
(2) FY 2008-2009 data derived from Official Statement 2012 Water Bond, Series A.
(3) FY 2010-2014 data derived from Official Statement 2014 Water Bond, Series B.
(4) FY 2015-2019 data derived from Water Department.  Decreased in water deliveries are due to water  
                  conservations.
172

City of San Buenaventura
Annual Continuing Disclosure Requirements, Continued
2012 Taxable Water Certificates of Participation, Series A & B
For the year ended June 30, 2019

WATER SYSTEM 
TEN-YEAR HISTORIC OPERATING RESULTS
FISCAL YEAR ENDED JUNE 30

2019 
2018 
2017 
2016 
2015 
Revenues
Service Charges and Sale Revenues
$38,108,293
$39,218,815
$33,574,776
$30,539,975
$25,365,305
Transfers In
4,994,620
3,529,104
3,841,431
3,495,722
1,827,881
Gain (Loss) on Sale of Assets
-
(131)
-
-
-
Investment Income
2,454,749
743,299
771,803
819,259
155,782
Total revenue
45,557,662
43,491,087
38,188,010
34,854,956
27,348,968
Operating and maintenance expense(1)
25,656,370
19,325,991
22,384,529
20,224,007
20,740,004
Net revenues
19,901,292
24,165,096
15,803,481
14,630,949
6,608,964
Debt service
2004 COP(2)
-
-
-
-
-
SRF Loan
1,263,820
1,263,820
1,263,820
1,263,819
1,263,819
2012 COP
2,705,114
2,705,874
2,708,491
2,705,591
2,709,650
Total debt service
3,968,934
3,969,694
3,972,311
3,969,410
3,973,469
Debt service coverage
5.01
6.09
3.98
4.04
2.13
Net revenues available for
 subordinate debt service
$15,932,358
$20,195,402
$11,831,170
$10,661,539
$2,635,495
NOTE: Historic System Service Connections can be found in Statistical section, "Operating Indicators" page .
#Excludes depreciation and bond amortization.
(2) Fiscal year 2010 to 2013, data had been revised to reflect information in the 2012 Wastewater Revenue Bonds series C Official Statement.
Source: The Comprehensive Annual Financial Report
173





WATER SYSTEM 
TEN-YEAR HISTORIC OPERATING RESULTS
FISCAL YEAR ENDED JUNE 30
2014 (2)
2013 (2)
2012 (2)
2011 (2)
2010 
$29,635,399
$25,292,540
$22,069,750
$20,847,410
$21,701,586
1,545,584
1,391,124
1,277,970
1,007,343
865,525
-
7,099
3,329
3,416
19,577
641,716
284,725
201,109
75,514
559,544
31,822,699
26,975,488
23,552,158
21,933,683
23,146,232
19,531,334
19,002,248
16,479,917
14,149,894
16,254,139
12,291,365
7,973,240
7,072,241
7,783,789
6,892,093
-
1,163,850
1,688,375
1,689,375
1,688,963
1,263,820
1,263,820
1,263,820
1,263,820
1,263,820
2,710,316
247,604
-
-
-
3,974,136
2,675,274
2,952,195
2,953,195
2,952,783
2.65
2.98
2.40
2.64
2.33
$8,317,229
$5,297,966
$4,120,046
$4,830,594
$3,939,310
174

City of San Buenaventura
Annual Continuing Disclosure Requirements, Continued
2012 Taxable Water Certificates of Participation, Series A & B
For the Year Ended June 30, 2019

HISTORIC WATER SUPPLY
(in Acre-feet per year)


Fiscal Year
Ended June 30
Pumped Water
Purchased
Water
 (1)
Total

2010
10,877
6,002
16,879

2011
10,077
6,041
16,118

2012
11,708
5,105
16,813

2013
12,068
5,215
17,283

2014
12,143
5,646
17,789

2015
9,991
5,108
15,099

2016
9,655
3,775
13,430

2017
10,794
2,603
13,397

2018
11,563
2,308
13,871

2019
11,362
1,837
13,199

(1) Reflects Casitas Municipal Water District certification letters


PROJECTED WATER SUPPLY
(in Acre-feet per year)


Fiscal Year
Ended June 30
Pumped Water
Purchased
Water
1
Total

2020
12,476
3,844
16,320

2021
12,476
3,844
16,320

2022
12,476
3,844
16,320

2023
12,476
3,844
16,320

2024
12,476
3,844
16,320


*Note: These numbers were revised to reflect updated information.

Source: Ventura Water Department

175

City of San Buenaventura
Annual Continuing Disclosure Requirements, Continued
2012 Taxable Water Certificates of Participation, Series A & B
For the Year Ended June 30, 2019

HISTORIC WATER SYSTEM SERVICE CHARGES AND SALES REVENUES


Fiscal Year
Ended June 30
Service Charges and Sales Revenues
Increase/(decrease)


2010
$21,844,750
2.53%


2011
20,946,374
(4.11)%


2012
22,371,438
6.80%


2013
25,375,574
13.43%


2014
29,635,399
16.79%


2015
25,365,305
(14.41)%


2016
23,080,939
(9.01)%


2017
33,574,776
45.47%


2018
39,218,815
16.81%


2019
38,108,294
(2.83)%

Source: The Comprehensive Annual Financial Report.

176

City of San Buenaventura
Annual Continuing Disclosure Requirements, Continued
2012 Taxable Water Certificates of Participation, Series A & B
For the Year Ended June 30, 2019

Top 10 Water Customers for 2018-2019

Water Customers
Average HCF (1)
Total Water
Average HCF
Based on Volume
Per Day
Payments
Revenues
Reclaimed
384.4
$160,267
0.42%
Reclaimed
257.5
111,965
0.29%
Hospital
257.2
409,675
1.08%
Hospital
195.3
317,515
0.83%
Government
172.8
312,299
0.82%
Municipal
119.5
206,781
0.54%
Multifamily Residential
103.9
193,576
0.51%
Multifamily Residential
100.0
191,223
0.50%
Multifamily Residential
88.0
138,368
0.36%
Educational
75.8
131,747
0.35%
(1) HCF stands for Hundred Cubic Feet.

Note: This schedule previously presented the top 10 water customers of the City. Ventura Water staff has interpreted the Red
          Flags Rules to prohibit the disclosure of any customer information, including name and payment information from all out
          side reports. Accordingly, the customer names have been replaced with the type of customer for each of these accounts.

Source: Ventura Water Department and the Comprehensive Annual Financial Report

177